ArmInfo. The signing of a free trade agreement with Iran will significantly increase the competitiveness of goods from the EAEU countries on the Iranian market, increase export volumes to Iran, satisfy trade turnover, and allow saving $380 million annually due to exemption from customs duties.
This was announced by Armenian Minister of Economy Gevorg Papoyan during a meeting of the Standing Parliamentary Commission on Eurasian and Regional Integration on October 25. According to him, this will open up broad opportunities for Armenia, since the agreement provides for preferential terms for the export of goods that have a large share in Armenian exports to the Iranian market. This includes mineral waters, non-alcoholic beverages, chocolate, baked goods, tobacco, and lamb, for which zero customs duties will apply. Industrial goods include copper, zinc and molybdenum ores, silver products, copper anodes, steam generators, electronic cigarettes, thermostats, etc. Access will also be provided for batteries, and customs duties on jewelry and medicines will be reduced.
For certain sensitive agricultural products (eggplant, pepper, watermelon, melon), it was proposed to maintain and apply seasonal price quotas of the EAEU for plastic products.
According to preliminary estimates, as the minister noted, the benefits provided will cover 98% of Armenian exports to Iran, which is equal to about $98 million. Papoyan reported that on average, the customs duty rate for exports from Armenia to Iran will drop from 23% to 8.1%. As a result of the reduction in customs duties, Armenian businesses will save about $11 million.
According to the Statistical Committee, the foreign trade turnover between Armenia and Iran in January- August 2024 was increased by 0.9%, amounting to $457.5 million. At the same time, exports grew by 6.8% to $73 million, with a decline in imports by 0.2% to $384.5 million.
