News ID: 188129
Published: 0722 GMT February 21, 2017

Trade with EU up 78% in 2016: Eurostat

Trade with EU up 78% in 2016: Eurostat

European Union's trade with Iran amounted to €13.7 billion in 2016, a 78-percent rise compared to the amount for 2015, according to the latest figures released by the European Union's statistics agency Eurostat.

The figure was €7.68 billion in 2015, Tasnim News Agency reported.

Iran's exports to the EU reached €5.46 billion in 2016, with 4.5-fold rise from €1.23 billion in the preceding year. The noticeable increase is due to the EU's resumption of oil imports from Iran.

Following the lifting of sanctions against the country in January 2016, Iran has been trying to regain its traditional clients with Greece and Italy as a priority.

While the EU's imports from Iran rose noticeably in 2016, its exports to the country increased by only 27 percent and reached €8.24 billion from €6.45 billion in 2015.

In April 2016, Iran and the EU issued a joint statement in Tehran setting the road map for cooperation. The statement was released by Iran's Foreign Minister Mohammad Javad Zarif and EU Foreign Policy Chief Federica Mogherini who visited Iran along with seven European commissioners.

The two sides, taking stock of their long standing relations based upon mutual respect and interests, reiterated their intention to develop a broad and comprehensive agenda for cooperation.

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