Page 30 - IRANRptNov21

Iran’s non-oil trade with EEU bloc jumps 93% y/y in first four Persian calendar months
announcement that it had been made part of the increasingly influential club, with only technicalities to be dealt with before formal admission.
Apart from Russia and China, Iran—which has held observer status at the intergovernmental organisation for 15 years—will now also sit alongside India, Pakistan, Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan in the SCO. The body was formed in 2001 by Moscow, Beijing and ex-Soviet Central Asian states. By now it covers towards half of the world’s population.
Referring to sanctions in his summit speech as a form of “economic terrorism”, President Ebrahim Raisi said Iran wanted closer ties with its regional neighbours and rejected Washington’s “unilateralism”.
Iran Customs Administration (IRICA) on September 17 detailed the level of trade that Iran and the SCO members saw in the last Persian year (ended March 20. IRICA said trade with China stood at $18.9bn, with India $3.4bn, Russia $1.6bn, Pakistan $1.2bn, Uzbekistan $256mn, Kazakhstan $205mn, Kyrgyzstan $51mn and Tajikistan $24mn. For SCO observer states, the figures were Afghanistan $2.3bn, Belarus $30mn and Mongolia $3mn.
Iran’s non-oil trade with member states of the Eurasian Economic Union (EEU) reportedly exceeded $1.6bn in the first four months of the current Iranian calendar year (March 21-July 22), marking a 93% gain on the same period of 2020, a period that felt considerable trade impacts caused by The figures were relayed by state news agency IRNA.
It cited Hossein Kakhaki, director general of the International Cooperation Department of the Islamic Republic of Iran Customs Administration (IRICA), as saying that of the $1.6bn total, Iranian exports made up a value of $385mn, representing an improvement of 46% y/y.
Breaking down the exports, $188.9mn was the value of commodities shipped to the Russian Federation, $83.0mn was attributed to goods sent to Armenia, $53.4mn referred to Kazakhstan, $24.2mn to Kyrgyzstan and $6.6mn to Belarus.
Iran’s imports from the bloc stood at $1.25bn in the four-month period, according to the official. By country, the breakdown was Russian Federation $1.06bn, Kazakhstan $178.7mn, Belarus $8.3mn, Armenia $2.2mn and Kyrgyzstan $216,000.
Iran and the EEU reached an interim free trade agreement in October 2018 based on which around 862 commodities were given preferential tariffs. Tehran says the boost in trade it has enjoyed with EEU states in recent years has helped it counter some of the economic damage caused by US sanctions.
5.3 FDI
Iran FDI 2012 2013 2014 2015 2016 2017 2018 2019
FDI net inflows (BoP) (USD bn)
4.662 3.05 2.105 2.05 3.372 5.019 2.373 1.508
FDI net inflows (% of GDP)
0.778 0.653 0.487 0.533 0.807 1.127 0.523 0.2
FDI net outflows (% of GDP)
0.226 0.04 0.001 0.031 0.025 0.017 0.016
source: World Bank, CEIC
30 IRAN Country Report November 2021 www.intellinews.com