Page 28 - IRANRptJul22

Iran’s exports to EEU states grow 12% in last Persian year, imports leap 90%
opportunities opening up given the withdrawal of so many Western traders and investors in response to Russia’s invasion of Ukraine—and borders Georgia, from where goods can be exported to Europe.
Fatemi Amin, after completing a visit to Armenian capital Yerevan, said that a contract has been signed for the production of Iranian home appliance brands in Armenia for sales in that country and beyond.
In early April, Hamed Forouzan, director-general for international affairs of the Iranian Ministry of Labour and Cooperatives, announced that Iran is to open a business relations centre in Armenia.
Iranian exports to member states of the Moscow-led Eurasian Economic Union (EEU) expanded by 12% y/y in the last Persian calendar year (ended March 20) to more than $1.17bn, Mehr News Agency has reported.
Imports were up 90% y/y to $4.47bn, according to the cited data from the Islamic Republic of Iran Customs Administration (IRICA).
The Russian Federation at $583.66mn was the top destination for Iranian products in the EEU, after which came Armenia at $302.34mn, Kazakhstan at $188.87mn, Kyrgyzstan at $78.9mn and Belarus at $16.81mn.
In terms of imports, the top five were ranked thus: Russian Federation at $4.05bn, Kazakhstan at $379.27mn, Belarus at $28.61mn, Armenia at $9.07mn and Kyrgyzstan at $1.66mn.
Iran and the EEU reached a three-year interim preferential trade agreement (PTA) in October 2018, based on which around 862 commodities were subjected to preferential tariffs. It came into effect in October, 2019. There are plans to upgrade the PTA into a free trade agreement (FTA) by the end of this year.
5.1.3 Gross international reserves
Raisi declares Iran has accessed frozen financial assets abroad
Iran’s foreign exchange reserves $85bn in 2020, estimates IMF
Iran’s President Ebrahim Raisi declared during a November 16 parliamentary session that the country has gained access to financial assets that were frozen abroad, according Iranian media reports.
US sanctions have over the years resulted in tens of billions of dollars of Iranian assets held in foreign accounts—such as from oil sales—becoming inaccessible to Tehran.
Raisi, according to Fars News Agency, told lawmakers in an address to parliament: "In the beginning, the [Raisi] government [that took office in August] had problems with selling oil [due to US sanctions], but now the situation has improved and I can only say that the government has access to its resources in other countries."
On November 11, Ali Naderi, managing director of Iran's official Islamic Republic News Agency (IRNA), wrote on Twitter that more than $3.5bn of frozen assets were released by a country to Iran.
Naderi did not name the state that purportedly released the assets, but said that “a significant portion of these resources are entering the country's trade cycle”.
According to the IMF in its Regional Economic Outlook on May 4, the value of Iran’s gross official reserves was estimated to reach $108.4bn in 2020. The country’s gross official reserves will experience a $13.3bn jump in the current year rising from last year’s $95.1bn.
28 IRAN Country Report July 2022 www.intellinews.com