Strengthening trade and economic cooperation with Iran is also beneficial for Russia. Commercial sales between the two countries amounted to $1.741 billion in 2018. Russian exports to Iran are estimated at $1.208 billion, while Iranian exports to Russia totaled $533 million. The Deputy Prime Minister of the Russian Federation, Dmitry Kozak, estimates that the Russian economy will earn an additional $150 million a year if the interim agreement is ratified. Other Eurasian countries are also interested in developing their trade and general economic cooperation with Iran. With the upcoming signing of the Caspian Sea Transport Cooperation Agreement and the creation of a major transport and logistics centre, trade with Iran could increase further. Turkey has bilateral and multilateral agreements: the EAEU-Singapore free trade agreement was signed at the EAEU summit in Yerevan on 1 October 2019. The document was the first step towards the creation of a comprehensive free trade area between the Eurasian Economic Union (EAEU) and Singapore and will govern not only trade in goods, but also trade in services and investment conditions. We see that EAEU`s exports to China are dominated by natural resources.
As a result, the EAEU as a whole faces both the objective of increasing and diversifying its turnover. This can only be done if the production of high value-added products is increased and mechanisms are found to introduce them to the Chinese market. The association of the EAEU`s “One Belt – One Road” programme should promote economic cooperation. The main export products in EAEU`s trade with China are crude oil, including natural gas condensates (18.6 per cent of EAEU exports), sawn wood (48.3%), coal (12.7%), refined copper and copper alloys (26.3%), turboprop and turboprop engines, gas turbines (62.5%), raw wood (76.4%) copper ores and concentrates (68.6 per cent). Major imports include communication equipment and spare parts for these devices (China accounts for 64.5% of imports from EAEU countries), automatic information processing computers (63.4%), thermal materials (63.4%). 47.6 per cent, car and tractor parts and accessories (15.3 per cent), toys (80.3 per cent) as well as shoes with rubber or plastic sole and top (84.9 per cent). The agreement on trade and economic cooperation between the Eurasian Economic Union and the People`s Republic of China was signed on 17 May 2018 and will enter into force at the end of October 2019. It is not a free trade agreement, but it does define a uniform format of trade cooperation between the EAEU and China. The agreement covers a wide range of issues, including simplified trade procedures (for example. (b) the availability of electronic customs declarations, goods present as soon as possible), reflecting changes in the new EAEU customs code: improving transparency and working towards mutual recognition of standards, technical rules and compliance assessment procedures; Regulation of e-commerce Public procurement cooperation.