October Figures Show Rise in Iran-EU Trade Turnover

Trade turnover between Iran and the EU in October 2013 had stood at 524 million euros, while it reached 721 million euros in the same month in 2014, according to a report by the Eurostat.

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

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

The data also indicate that the total value of EU exports to the Islamic Republic in October 2014 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 ranked first among the bloc members in that month.

Following the Iranian President Hassan Rouhani’s “constructive interaction” policy with the world since August 2013, a whole host of Western companies have been vying for Iran’s market, particularly after an interim nuclear deal between Tehran and six major world powers.

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 also on its neighborhood,” Federica Mogherini said.

The EU has been coordinating diplomacy with Iran on behalf of six major world powers (Russia, China, the US, Britain, France and Germany) since the two sides began diplomatic negotiations in 2013 to resolve a 12-year standoff over Tehran's peaceful nuclear program.