TEHRAN- The value of Iran’s non-oil export to Armenia increased by 21 percent during the first ten months of the current Iranian calendar year (March 20, 2024-January 19, 2025), as compared to the same period of time in the past year, the spokesperson for the Trade Development Committee of the House of Industry, Mining, and Trade announced.

Ruhollah Latifi said that Iran exported non-oil commodities valued at $402.494 million to Armenia in the ten-month period.

The head of Iran's Trade Promotion Organization (TPO) has underscored the need to enhance trade cooperation between Iran and Armenia during a meeting with Armenia's deputy economy minister on February 22.

Mohammad Ali Dehqan Dehnavi met with Armenian Deputy Economy Minister Edgar Zakaryan and Armenia’s Ambassador Grigor Hovhannisyan, highlighting the strong friendship between the two nations and expressing Iran’s willingness to expand trade relations.

Dehnavi noted that the trade volume target between Iran and Armenia has been set at $3 billion, but there remains a significant gap to bridge before achieving that goal. "We are striving to reach this target," he said.

He emphasized the importance of sending trade delegations and participating in business events, stating that the presence of merchants, traders, and economic actors in exhibitions and trade events would help foster trade growth.

The Iranian official also reiterated the country’s interest in strengthening trade ties with Eurasian Economic Union (EAEU) member states and called for a strong presence of Armenian businesses at the Eurasian International Trade Exhibition.

Armenia’s Deputy Economy Minister Edgar Zakaryan emphasized the historical friendship between the Iranian and Armenian people, saying this could play a key role in advancing economic cooperation between the two countries.

"Armenia is prepared to collaborate with Iran across various sectors to strengthen mutual trade relations," Zakaryan said.

He pointed to the vast potential for economic cooperation between the two neighbors and stressed that utilizing these opportunities would help achieve their trade goals.

Zakaryan also expressed Armenia’s readiness to follow up on economic and trade matters through specialized working groups.

Iran and Armenia signed a barter trade agreement on the sidelines of the 3rd Eurasian Economic Forum in Yerevan in last October.

The agreement was signed by TPO Head Mohammad-Ali Dehghan Dehnavi at the presence of Iranian Minister of Industry, Mining, and Trade Mohammad Atabek and Armenian Economy Minister Gevorg Papoyan.

Under the agreement, the two countries would appoint representative companies to implement barter trade after three months from the signing of the agreement.

Iran views barter agreements as a major tool to avoid U.S. sanctions that restrict its access to international trade.

The signing of the deal came after Iran opened its trade center in Yerevan. The center, built over an area of 18,000-square meters, has 107 booths and stalls that sell Iranian-made consumer goods, chemicals and other industrial products. Armenian businesses have also a share in the retail and wholesale facility.

Iranian ambassador in Yerevan Mehdi Sobhani described the facility as the “largest Iranian trade center in the world”, saying it will lead to a major increase in trade ties between Iran and Armenia.

Speaking at the signing ceremony, the parties emphasized the removal of financial and banking obstacles and restrictions, facilitating the issuance of guarantees for Iranian technical and engineering service contractors in Armenia and some other customs restrictions.

The Armenian side announced the decision of the Armenian government to invest in Iran's Chabahar Port.

He also referred to the importance of opening a commercial center of Iran in Armenia, calling on Atabek for support and assistance in setting up an Armenian business center in Iran.

Iran and Armenia seek to increase the value of their trade ties to $3 billion per year. Iran also views Armenia as a gateway to trade with members of the Eurasian Economic Union (EAEU).

Iran and the EAEU, which includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia, are currently in a preferential trade arrangement but they will enforce a free trade deal signed in December last year once parliaments of the two sides ratify the agreement.

MA