Page 8 - Iran OUTLOOK 2024

Individuals aged 50 and over showed a greater inclination to invest in banks, constituting 28% of that demographic group. Young adults (26.9%) preferred purchasing gold and gold coins with their savings, while those between the ages of 30 and 49 were more inclined toward real estate and land investments.
Educational background played a role in investment preferences, with individuals with less than a diploma leaning towards saving in banks (26%), while those with a university education (25.1%) favoured gold and gold coins.
In terms of urban and rural residence, both groups exhibited a preference for investing in land and housing. However, urban residents (23.4%) showed a higher inclination toward buying gold and gold coins, while rural residents demonstrated a greater interest in investing in job creation.
7.0 2024 expected to mark the beginning of Iran-EEU free trade
Iran and the member states of the Eurasian Economic Union (EEU) recently agreed on the text and list of goods for a free trade deal.
An official from the Trade Promotion Organisation of Iran (TPO), Mohammad Qanadzadeh, was quoted as saying on November 21 that Iran is set to sign the free trade agreement (FTA) with the union within the next two months.
Qanadzadeh highlighted that upon parliamentary approval, the agreement is slated to take effect in the upcoming Persian calendar year, beginning in March 2024.
Under the terms of the agreement, 87% of goods will be traded between Iran and the union with zero tariffs. However, Qanadzadeh noted the existence of a negative list, stating that 13% of Iranian goods, such as automobiles, textile industries, agricultural products and certain home appliances, are excluded from the FTA.
The official emphasised that Iran's trade potential with EEU member countries currently stands at $30bn.
Historically, Iran and the EEU have operated under a temporary agreement, subject to extensions, pending the finalisation of the FTA. The temporary arrangement has entailed reduced duties on 360 goods, covering trade volumes of approximately $5bn. It has also led to a reduction in customs tariffs for over 90% of the goods traded between the two sides.
For the initial seven months of the current Persian calendar year (March 21-October 22), Iran's trade with EEU member states amounted to 8.11mn tonnes, valued at $4.25bn. Iranian exports reached 2.41mn tonnes (a 48% y/y increase) worth $921.84mn (up 22% y/y), while imports totalled 5.69mn tonnes (a 37% y/y increase) worth $3.33bn (up 31% y/y).
8 IRAN OUTLOOK 2024 www.intellinews.com