The value of Iran’s non-oil exports to Armenia increased by 21% in the first 10 months of the current Iranian calendar year (March 20, 2024 – January 19, 2025).
Ruhollah Latifi said Iran has exported $402.494 million of non-oil goods to Armenia in 10 months.
The head of Iran’s Trade Promotion Organization (TPO) has highlighted the need to strengthen Iran and Armenia’s trade cooperation in a meeting with Armenia’s deputy economic minister on February 22.
Mohammad Ali Deha Denavi met with Armenian Deputy Minister of Economics Edgar Zakarian and Armenian Ambassador Grigor Hovhanisian to highlight the strong friendship between the two countries and express Iran’s willingness to expand trade ties.
Denavi said the trade volume target between Iran and Armenia is set at $3 billion, but there remains a big gap to bridge it before it can reach that target. “We strive to achieve this goal,” he said.
He stressed the importance of sending trade delegations to attend business events, saying that the presence of merchants, traders and economic actors at exhibitions and trade events can help promote trade growth.
Iranian officials also reiterated the country’s interest in strengthening trade ties with member states of the Eurasian Economic Union (EAEU) and called for the strong presence of Armenian companies at the Eurasian International Trade Exhibition.
Armenia’s Deputy Economic Minister Edgar Zakalian highlighted the historic friendship between Iran and the Armenian people, saying this could play an important role in advancing economic cooperation between the two countries.
“Armenia is ready to work with Iran in various sectors to strengthen mutual trade relations,” Zakarian said.
He pointed out the great potential for economic cooperation between the two neighbors and emphasized that exploiting these opportunities will help them achieve their trade goals.
Zakarian also expressed that Armenia is ready to follow up on economic and trade issues through specialized working groups.
Iran and Armenia signed a barter trade agreement on bystanders at the 3rd Eurasian Economic Forum in Yerevan last October.
The agreement was signed by TPO Head Mohammad Ali Dehan Denabi in the presence of Iran’s Minister of Industry, Mining and Trade, and Armenian Minister of Economy, Geborg Papoyan.
Under the contract, the two countries will appoint representative companies to carry out barter trade three months after signing the contract.
Iran sees barter agreements as a major tool to avoid US sanctions that restrict access to international trade.
The contract signing came after Iran opened a trade centre in Yerevan. Built on an area of 18,000 square meters, the centre features 107 booths and food stalls selling Iranian-made consumer goods, chemicals and other industrial products. The Armenian company also has a share in retail and wholesale facilities.
Iranian ambassador to Yerevan Medi Sobani described the facility as “the world’s largest Iranian trade centre,” saying it would lead to a significant increase in Iran-Armenia’s trade ties.
Speaking at the signing ceremony, the parties emphasized the elimination of financial and banking obstacles and restrictions, promoted the issuance of guarantees for Iranian technology and engineering services contractors in Armenia, and promoted other customs restrictions.
The Armenian side has announced the Armenian government’s decision to invest in Iran’s port of Chabahar.
He also mentioned the importance of opening an Iranian commercial centre in Armenia and called for support and support in establishing an Armenian business centre in Iran in Atabek.
Iran and Armenia are looking to increase the value of their trade relations to $3 billion a year. Iran also views Armenia as a member of the Eurasian Economic Union (EAEU) and as a gateway to trade.
Iran and the EAEU, including Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia, are currently preferential trade agreements, but will enforce free trade transactions once both parliaments ratify the contract in December last year.
MNA/