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- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
Monday, 03 August 2020_Within the past seven months, Iran and Eurasia have traded slightly less than 7 million tons of commodities, worth roughly 2.5 billion dollars.
The head of Iran’s Trade Promotion Organization says this is a 14-percent rise compared to the same period last year.
Out of the total trade volume, Iran exported more than 860 million dollars’ worth of goods to Eurasia, while the imports stood at over 1.7 billion dollars.
By Eurasia, the Iranian official was referring to the Eurasian Trade Union, which comprises five member states of Russia, Armenia, Kyrgyzstan, Kazakhstan and Belarus.
What makes this significant is its coincidence with the coronavirus pandemic, which has dealt an unprecedented blow to global trade.
The groundwork for this expansion of commercial ties was laid in 2018 when Iran and the Eurasian Economic Union signed a three-year provisional agreement in Astana, Kazakhstan, for the bloc to welcome Iran into the EEU.
The arrangement was aimed at implementing free trade between Iran and the five members of the union by lowering or abolishing customs duties.
In April and amid a peak in COVID-19 cases, the EEU totally removed tariffs on imports of 11 Iranian agricultural and food products.
The coronavirus aside, the growth in Iran-EEU’s trade ties gains more significance against the backdrop of Washington’s re-imposition of sanctions against Iran, after US President Donald Trump walked out of the 2015 nuclear deal and vowed to isolate Iran’s economy on the international stage.
In addition to being a quick escape route from the US sanctions, stronger ties with the EEU are regarded by Iranian officials as an opportunity to take their first walking steps in free trade.
A friend in need is a friend indeed. That’s what Iran and the Eurasian Trade Union are truly manifesting, especially now that Iran badly needs a hand to untangle its economy from the US sanctions.
For the very same reason, Iran and Eurasia will use their national currencies instead of the dollar to conduct all their transactions, in order to avoid any chances of the US using its greenback as a punishing tool.
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