Iran, Armenia Ink MoU to Boost Bilateral Trade Ties

Islamic Republic of Iran and Republic of Armenia signed a Memorandum of Understanding (MoU) for enhancing and increasing bilateral trade-economic relations. Iranian Minister of Industry, Mine and Trade Alireza Razm-Hosseini in a meeting with Armenian Minister of Economy Vahan Karubian on Sunday pointed to the development of bilateral cooperation between the two countries of Iran and Armenia and put the current value of Iran’s export of non-oil products to Armenia about US$300 million.

Upon singing and sealing the Memorandum of Understanding, trade volume exchange between the two countries of Iran and Armenia will register a considerable hike, Razm-Hossein added.
The Iranian minister of industry described Armenia as an important country in Eurasian Economic Union (EAEU) and said that Islamic Republic of Iran has a positive evaluation of trade with EAEU member states.

At the special emphasis of Iranian President to join EAEU, Republic of Armenia can play a leading role for increasing and developing trade-economic relations in this respect, he continued. He reiterated that Iranian government will throw its weight behind private sectors of the two countries for developing trade exchanges regarding products with economic justifications. Armenian Minister of Economy Vahan Karubian, for his part, said that his country is ready to pave suitable ways for the Islamic Republic of Iran to enter target markets of other countries. He placed special emphasis on facilitating trade and economic exchanges as well as removal of barriers facing traders of the two countries. - Mehr