Sana'a: The Iranian Trade Development Organization announced that the volume of trade exchange between Iran and the Eurasian Economic Union recorded a growth of 22 percent during the past year, despite multiple challenges and the impact of regional tensions. This came during the first specialized meeting between Iran and the Eurasian Economic Union, as reported by Iran's Tasnim news agency on Wednesday.
According to Yemen News Agency, the meeting was held within the framework of following up on the executive aspects and developing economic cooperation resulting from the free trade agreement, under the title "Development of Industrial and Industrial-Agricultural Cooperation," with the participation of the Director of Trade Agreements and International Organizations Affairs at the Iranian Trade Development Organization, Elham Haji Karimi.
During the meeting, Haji Karimi presented a report on the trajectory of trade exchange between the two sides, noting that despite multiple challenges and the impact of regional tensions, the volume of trade between Iran and the Eurasian Economic Union rose during the past year by 22 percent, reaching $7.3 billion, reflecting the significant potential this market holds for expanding Iranian trade.
She explained that agricultural products account for a significant share of Iranian exports, but expanding exports of industrial goods and high-value-added products is among the country's priorities. She noted that household appliances, textiles and clothing, automobiles and spare parts, machinery and equipment, and pharmaceuticals and medical equipment are among the most prominent sectors capable of enhancing their exports to Eurasian markets.
Representatives of Iran and the Eurasian Economic Union discussed joint investment opportunities, value chain development, and enhancing cooperation between producers on both sides. The sectors with promising cooperation potential included energy, chemical and petrochemical industries, mining, machinery and equipment, steel, transportation, and advanced industries.
Participants stressed the need to move from the stage of trade exchange based solely on goods to the stage of joint production, technology transfer, and participation in regional value chains. They also discussed a number of technical and non-tariff barriers, including technical standards, and issues related to laboratories and veterinary services.