TEHRAN – A Trade Promotion Organization of Iran (TPOI) official here on Saturday stated that Iran-Armenia trade balance has increased ten-fold in favor of Iran during the ten-year period of March 1999 to March 2009.

Abdolhamid Assadian, the TPOI’s bureau director for trade with European and American countries, said that Iran-Armenia trade balance was $11.8 million in March 1999 in favor of Iran, but the figure surged to $119.61 million in March 2009, showing a nearly ten-fold growth.
In 1999, Iran’s value of exports to Armenia stood at $37 million which increased to $141.18 million in the Iranian calendar year ending in March 2009, the official added, noting that Iran’s imports from Armenia declined to $21.57 million in March 2009 from $25.2 million in 1999, according to the Mehr News Agency.
Establishment of a joint chamber of commerce, building Iranian stores in Yerevan, establishment of the Iranian Trade Association, and launching Bank Mellat branches in Yerevan were the main measures the sides have taken to boost relations