Iran Prefers Using National Currency in Trade with Neighbours: Minister

Speaking on Saturday during his visit to Kermanshah province, Reza Rahmani said that some countries, such as Turkey and Russia, have signed agreements in this regard as using national currency will surely benefit both sides.

Rahmani added that one of the priorities this year is to export to neighbouring countries, and fortunately Iran has recently joined the Eurasian Economic Union which is a significant success under new circumstances.

Reza Rahmani mentioned enemies thought the Islamic Republic would be isolated by sanctions; however, joining the Eurasian Economic Union showed the enemy’s plan has failed.

“We trade over 500 items of commodities, mostly agricultural products and manufactured goods, with Eurasian countries. These goods are generally the ones in which we have domestic consumption surpluses,” pointed out the minister.

Rahmani said these products cover many commodities, from petrochemicals to ceramic tiles and steel products underlining that this move will certainly be to the interest of national and domestic production.

The EAEU summit was held in Yerevan, Armenia, on October 1 and the Islamic Republic attended the conference.

The union includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

The Eurasian Economic Union has sought to expand into the ASEAN sphere to diversify against China’s growing Belt and Road Initiative.

An example of EUEA’s efforts to create a common market with ASEAN states is the Transit Potential of the Eurasian Continent initiative. The initiative will implement large-scale infrastructure projects and transportation networks that connect Central Asia, Southeast Asia and the Middle East.