Armenia, Iran sign MoU, "agree to expand trade to $1b within 6 months"

January 25, 2021 – 14:02 AMT

PanARMENIAN.Net – Armenian Minister of Economy Vahan Kerobyan and Iran’s Minister of Industry, Mining and Trade Alireza Razm Hosseini signed a memorandum of understanding on Saturday, January 23, the Economy Ministry reports. Kerobyan said later that based on negotiations with the Iranian envoy to , both countries are willing to augment trade to $1b within six months, Irna reports.

Speaking at the meeting in Tehran, Razm Hosseini put Iran’s exports to Armenia at about $300 million and noted that the signing of this MOU will be a great step towards improving the level of trade between the two neighbors, according to Tehran Times.

Heading a trade delegation, Kerobyan arrived in Tehran on Friday to discuss the expansion of trade relations between the two countries. Speaking on the sidelines of the signing ceremony, Razm Hosseini put Iran’s exports to Armenia at about $300 million and noted that the signing of the MoU will be a great step towards improving the level of trade between the two neighbors, tehran Times says.

Pointing to Armenia’s position as one of the members of the Eurasian Economic Union (EAEU), with which Iran has recently signed a preferential trade agreement, Hosseini said Iran is seeking to become a permanent member of the EAEU and Armenia could be of significant help in this regard.

According to the Iranian minister, areas like the mining industry, foodstuff, and home appliances could be good opportunities for the two countries to develop mutual cooperation.

Kerobyan for his part expressed his government’s readiness for cooperation to boost mutual trade and produce joint products and to pave the way for Iran to enter the markets of third countries.

“We are ready to support Iranian traders to use Armenia for entering third countries,” he said.

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