Economy, Domestic Economy

Trade with EU on the Rise

Trade with EU on the Rise
Trade with EU on the Rise

The value of trade between Iran and the 28 members of the European Union in October has witnessed a 37 percent increase compared to the corresponding period last year, Tasnim news agency reported, quoting new data released by the Eurostat.

Trade between Iran and the EU reached 721 million euros in October 2014, while the number stood at 524 million euros in the same month last year.

According to the report, the EU's imports from Iran in October reached €111 million, showing a two-fold increase compared to the same period last year, when the figure stood at €55 million.

Italy was the biggest importer of Iranian goods among EU members in October, accounting for more than half of the commodities the EU imported from Iran.

The data also indicated that the total value of EU exports to Iran in October amounted to €610 million, indicating a 2 percent increase compared with September.

By exporting €232 million worth of goods to Iran in October alone, Germany was ranked first among the European Union members in that month. Shortly after taking office in the summer of 2013, Iranian President Hassan Rouhani announced that his government would use “constructive interaction” with the world. Since then, a whole host of western companies have expressed interest in entering Iran’s market, particularly after an interim nuclear deal between Tehran and six major world powers was signed in November 2013 in Geneva.

On Monday, the European Union’s incoming foreign policy chief stressed that interaction between the bloc and Iran should not be confined to the nuclear talks, but Europe needs to promote cooperation with Iran, which she described as a major regional player.

“Iran is not only the country with which we have nuclear talks, it is also a regional important player and this practically means that we will have to engage with Iran" on many other issues, Federica Mogherini said.

Since 2013, the EU has been pursuing an improvement of trade and diplomacy with Tehran as part of the nuclear negotiations between Iran and the six major world powers (Russia, China, the US, Britain, France and Germany).