TEHRAN- The deputy head of the Aras Free Zone Organization has indicated that enhancing collaboration between Iranian and Armenian enterprises will lead to an increase in trade exchanges with member states of the Eurasian Economic Union (EAEU). 

According to Ali Navid's remarks, these exchanges encompass a wide range of products, including cellulose, wood and furniture, automotive and related sectors, construction materials, metals, cosmetics, food, apparel, oil and gas, and chemicals. 

He noted, “Armenia can source necessary items for its market from the offerings of the Aras Free Zone. Additionally, the Aras Free Zone provides Armenia with the advantage of optimal productivity at the Nordooz border, which can be utilized for the storage and transfer of goods.”

Navid further stated that the trade volume between Iran and Armenia has reached $600 million, highlighting that Armenia can also import goods from India and China via the Nordooz border.

A delegation of Armenian business representatives, comprising traders and investors from sectors such as furniture and wood, construction materials, electricity and electronics, food, and tourism, recently visited the Aras Free Zone.

The Aras Free Zone Organization (AFZO) is an economic zone situated in the northwest of Iran, adjacent to the borders of Armenia and Azerbaijan. Founded in 1993, AFZO's primary objective is to draw foreign investments and foster economic growth within the area. 

The zone provides a range of incentives for international investors, such as tax exemptions, streamlined customs processes, and enhanced legal independence. Additionally, AFZO is focused on improving regional infrastructure, which includes transportation systems, industrial parks, and residential developments. 

The Aras Free Zone has successfully attracted investments from multiple countries, particularly in sectors like agro-industry, manufacturing, and services. This zone not only encourages foreign investment and economic progress in a strategically significant part of Iran but also facilitates regional collaboration with Armenia and Azerbaijan, thereby enhancing trade and economic integration in the Caucasus region.

Additionally, the Eurasian Economic Union (EAEU) is a regional organization that unites Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan into a cohesive market for goods, services, capital, and labor. Founded in 2015, the union's primary objectives include establishing a unified economic area, enhancing trade and investment opportunities, and fostering economic collaboration among its member countries. 

The EAEU encompasses a population exceeding 183 million and boasts a collective GDP surpassing $1.9 trillion.