“When we export, we have problems in the banking system. Iran offers to use Chinese currency or Arabic currency for mutual settlements. We are working in this direction, but there is also a sanctions regime,” Torebayev said, answering questions from deputies on the ratification of the agreement between the Eurasian Economic Union (EAEU) and Iran in the Majilis.
According to MP Anas Bakkozhayev, Kazakhstan’s exports to Iran are small and the problem is in the banks.
"When you go to a bank and indicate export to Iran, banks do not want to work with this country. As a result, our entrepreneurs and our export suffer," the deputy said.
According to deputy Erlan Sairov, the trade turnover between Kazakhstan and Iran totals $500 million.
"Trade with Iran is important because 85 million people (Iran's population - KazTAG) is a large market, so the EAEU intends to increase trade turnover to $3 billion," Torebayev added.
The goal of the agreement is also to eliminate duties by 90%, "so that Kazakhstan can trade abroad without duties."
The EAEU duty is approximately 10%, it is distributed among the entire union.
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