Iran-Russia trade volume to grow further in 2017

Iran-Russia trade volume to grow further in 2017
Thu Apr 20, 2017 14:12:19

Iran-Russia trade volume has surged by 70% after the removal of sanctions against the country early last year, Alexander Maksimov, honorary representative of the Russian Chamber of Commerce and Industry in Iran, told Sputnik.

(MNA) -- He added that Iranian-Russian trade relations are set to rise further this year after increasing almost twofold in 2016.

In 2016, the volume of trade between Russia and Iran increased by 70 percent in comparison with the previous year, thanks to the removal of barriers to trade, Alexander Maksimov told Sputnik.

Last year's bilateral trade was worth $2.2 billion, most of which was comprised of Russian exports of machinery, equipment, transport, food and metals. Iranian food exports to Russia made up just $0.3 billion of the trade balance.

He said the ris in trade is connected with the improvement in bilateral relations between the two countries and the growing interest from Russian and Iranian businesspeople in joint commercial activities.

In January, Russian exports to Iran of machinery increased by 7 percent and high-technology goods by 3.7 percent in comparison with a year earlier. The Russian Chamber of Commerce and Industry is keen for the increased co-operation to continue and to this end wants to see Iran undertake measures to further ease bilateral trade, including a relaxation of its customs regulations.

"Trade turnover can also be increased without additional state intervention, however, it is very important that Iran reduce customs duties and remove non-tariff barriers, such as the requirements for additional certificates and limits on the supply of Russian wheat, which led to a sharp reduction in the volume of Russian exports in 2016."

Maksimov said that a range of projects are being planned which will further increase bilateral trade in the transport and energy sectors.

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