Tehran (IP) - The total value of bilateral trade between Iran and the member states of the Eurasian Economic Union (EAEU) has reached $1.4 billion over the past five months, the Spokesman for the Iranian Customs said.

Iran PressIran News: Seyyed Ruhollah Latifi announced that over the past 5 months, the total value of bilateral trade between Iran and the member states of the EAEU has reached to $1,489,232,265. 

"The value of Iranian exports and imports has amounted 33 and 67 percent, respectively," he added. 

The Spokesman for the Iranian Customs explained that according to the Iran-EAEU free trade zone, as well as the measures taken to implement preferential tariffs, the volume of the country's preferential exports to the member states of the EAEU has reached 123,960 tons, valued at $136,260,229.

Latifi referred to the main export destinations of Iran's products, saying: "The largest export destination of Iran to Eurasia is the Russian Federation with a volume of more than 481,668 tons, accounted for $248,555,102, which is more than 50% of the total export value of Iran." 

The official added that after Russia, Iran exports the most to Armenia with more than 24.6 percent and Kazakhstan with 16 percent.

In May 2018, Iran signed an agreement with the Eurasian Economic Union members in Kazakhstan, which granted Iran tariff concessions on hundreds of items.

Russia's State Duma and the Federation Council ratified the agreement to establish Iran-EAEU free trade zone in November 2018.

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