Iranian-style KitKat may be headed for EEU as part of free trade deal

Iranian-style KitKat may be headed for EEU as part of free trade deal
Seem familiar?
By bne IntelliNews November 2, 2017

Iran is set to export biscuits and chocolate as part of a broader free trade deal with Eurasian Economic Union (EEU) states, Tehran’s Financial Tribune daily reported on November 1.

Iranian producers see the export markets to the north as ideal for expansion following a recent push to export products to Qatar. For instance, it now stocks Iran’s version of the KitKat, the Hiss.

According to a draft agreement between Iran and the EEU signed in July, Iran will be able to sell some 350 items to the trade bloc in exchange for another 180 flowing the other way.

The EEU groups Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan in an integrated single market of 183mn people, with a gross domestic product of over $4tn.

Trade breakthroughs in Qatar have resulted from Iran’s support for the tiny gas-rich peninsular nation since it was blockaded by a group of countries led by Saudi Arabia that are unhappy with its claimed support for certain militant and terrorist groups and closeness in areas of policymaking to Iran. Earlier this year, another Iranian-produced product, Mihan orange juice, was spotted by an Iranian on a flight to Doha, causing a stir among trade observers on social media. 

Related Articles

Belgian court unfreezes $21.5bn of Kazakh assets in dispute with Moldovan oligarch Stati

A Belgian court has lifted a freeze on Kazakh National Fund assets worth $21.5bn imposed as part of a dispute with Moldovan oligarch Anatolie Stati, the Kazakh justice ministry said on May 30. It ... more

Astana International Financial Centre seeks exclusive IPO rights for largest state companies

Kazakhstan’s soon-to-be financial hub, Astana International Financial Centre (AIFC), is seeking exclusive rights on initial public offerings (IPOs) of the largest state-run ... more

EEU, Iran sign interim free trade agreement in Astana

The Moscow-led Eurasian Economic Union (EEU) and Iran have signed an interim free trade agreement (FTA), TASS reported on May 17. “The provisional agreement includes an initial list of goods, ... more