TEHRAN - The head of Iran-Armenia Joint Chamber of Commerce said the two countries are discussing the possibility of trade with their national currencies, IRNA reported.

“We have proposed to the Armenian president that the two sides establish a financial institution which would operate outside the two countries’ banking systems,” Hervik Yarijanian said.

Mentioning his recent meeting with the Armenian President Armen Sarkissian, the official noted that the president has positive attitude toward Iran and has called for increasing mutual trade between the two countries.

“Exchanging trade delegations, holding exhibitions and maximum utilization of the capacities of the two countries’ private sectors are among the two sides’ intended plans for boosting mutual trade,” Yarijanian said.

Iran and Armenia have been taking all necessary measures to boost the level of their economic relations to match their positive political relations.

Earlier this month, the two countries signed a memorandum of understanding (MOU) in Tehran to expand economic cooperation, especially in the field of energy.

The MOU was signed by Iranian Energy Minister Reza Ardakanian and Armenian Deputy Prime Minister Mher Grigoryan at the end of the 16th Iran-Armenia Joint Economic Committee meeting.

Based on the MOU, the two sides agreed to complete the construction of Iran’s third electricity transmission line to Armenia by 2020 in order to increase the country’s electricity exports to Armenia to over 1000 megawatts (MW).

Tehran hosted the 16th Iran-Armenia Joint Economic Committee meeting which was held during June 30-July 2.

A few days before the economic committee meeting, Iranian Deputy Minister of Energy for Electricity Affairs Homayoun Haeri and Armenian Deputy Prime Minister Mher Grigoryan held talks in Armenia to discuss joint projects and organizing the event.

Haeri visited the neighboring country just before the joint economic committee meeting, to follow up on the implementation of the project of third Iran-Armenia power transmission line.

The 15th Joint Economic Committee meeting between Iran and Armenia was held in the Armenian capital city of Yerevan in February 2018.

EF/MA