Tehran, IRNA – The head of the Islamic Republic of Iran Customs Administration (IRICA) has said that the country’s exports to five members of the Eurasian Economic Union (EAEU) have increased by 16% in the first five months of the Iranian calendar year.

Iran has exported goods worth $748 million to five member states of the EAEU from March 20 to August 21, Mohammad Rezvani-Far said on Tuesday.

The exports of the Islamic Republic to the member states have surged by 16% in the said period, he added.

Kyrgyzstan is regarded as the top target country in this regard, the official further noted.

He said that the volume of exports to the member states of the EAEU stood at 2.2 million metric tons, marking a 35% hike compared to the same period last year.

In late December 2023, a free trade agreement (FTA) was inked between Iran and the EAEU.

The FTA, which is presently under review by Majlis, has yet to be ratified by the parliaments of all the six parties to the agreement before it can take effect. 

Under the terms of the agreement, Iran and the five-member bloc will lift tariffs on 87% of the items being exchanged between them.

The remaining 13% includes items that each of the six parties considers sensitive items whose free imports may damage their domestic industry or agriculture. 

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