(MENAFN) Based on the chief of the Islamic Republic of Iran Customs Administration (IRICA), the value of Iran’s exports to the members of the Eurasian Economic Union (EAEU) surged by 16 percent in the initial five months of the current Iranian calendar year (March 20-August 21) in comparison to the same time last year.

Mohammad Rezvanifar stated that the Islamic Republic shipped 2.2 million tons of goods valued at USD748 million to the members of the Eurasian Economic Union in the first five months, an Iranian news agency mentioned in reports.

Exports to the EAEU soared by 35 percent in regards to weight as well, as stated by Rezvanifar.

In the meantime, Iran imported 3.9 million tons of commodities worth USD1.6 billion from the members of the Eurasian Economic Union in the mentioned five months.

Iran and EAEU engaged in a preferential trade deal in 2018, upon which around 862 commodity items are right now entitled to preferential tariffs. The deal came into pwoer on October 27, 2019.

Late on December 25, 2023, both parties also inked a Free Trade Agreement (FTA) in the EAEU Summit in St. Petersburg, Russia.

A member of the Iran-Russia Joint Chamber of Commerce has expected that over 88 percent of commodities is going to be traded between Iran and EAEU member countries with zero tariffs following the FTA comes into effect.

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