Financial Tribune - Iran has exported $180 million worth of commodities to Eurasian Economic Union member states under preferential tariffs since Oct. 27, when a trade agreement between the two sides came into effect, according to Energy Minister Reza Ardakanian.

“EEU’s exports to Iran under the preferential trade agreement stood at $250 million during the same period. Imports mainly comprised essential goods,” the minister, who doubles as chairman of Iran-Russia Economic Commission, was quoted as saying by Mehr News Agency.

The above figures, according to Ardakanian, show less than 23% of Iran's exports to EEU and around 86% of imports from the bloc into Iran were carried out under the trade agreement.

“This is a very big gap. We need to reach a balance here with proper planning,” the minister said.

“Russia imports around $250 billion per year and given our favorable bilateral ties, we need to aim for this strong market."

Iran and the Eurasian Economic Union signed a three-year provisional agreement in Astana on May 17, 2018, for the bloc to welcome Iran into EEU. The arrangement, which lowers or abolishes customs duties, is the first step toward implementing free trade between Iran and the five members of the union.