Iran, EAEU trade surges by 11% from January to September

Commercial transactions between Iran and the Eurasian Economic Union (EAEU) jumped by 11% during January to September 2024 compared to the similar period in the year before.

News ID: 5546

Date: 07 December 2024 - 14:13

TABNAK, Dec 07: According to the EAEU media, the rise in the trade volume between Iran and the five-member union comes as the Islamic Republic is expected to be granted observer member status at the EAEU during an upcoming meeting of heads of its members states in December 2024.

The EAEU media outlet, based in Moscow, also noted that exports from Iran to the member states of the union increased by 9% in the first nine months of 2024 compared to the same period last year. Vegetables, fruits, and nuts took the lion share of Iran’s exports.

Also during the first nine months of this year, agricultural products accounted for the highest amount of exports from the EAEU to Iran, showing an increase of over 10% year on year.

On November 30, Russia’s Deputy Minister of Economic Development Dmitry Volvach announced that Iran’s request to obtain the observer state status at the Eurasian Economic Union (EAEU) has been approved at a meeting of the union’s executive body, which was held by deputy prime ministers of the member states.

In his second televised address to the Iranian nation on December 2, President Masoud Pezeshkian stated that he plans to take part in the EAEU summit soon, where Iran is expected to be granted observer member status, which would pave the way for trade exchanges with member states at low or zero tariffs.