Economy, Domestic Economy
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Boosting Ties With Armenia

Boosting Ties With Armenia Boosting Ties With Armenia

Energy Minister Hamid Chitchian said on Monday that Iran is keen to increase bilateral relations with neighboring countries including Armenia.

Trade between Iran and Armenia has significantly decreased in the past two years, but the Iranian minister says the two sides are planning to remove trade obstacles soon.

Chitchian made the remarks while addressing the opening ceremony of the 12th Iran-Armenia joint economic cooperation commission in Tehran.

The two-day event is aimed at finding ways to expand cooperation in electricity as well as technical and engineering sectors. Three memorandums of understanding for construction of dams and power plants were expected to be signed during the event.

The annual trade between Iran and Armenia amounts to around $300 million in value, with officials vowing to double the amount through urging both countries’ private sectors to boost mutual transactions.

In 2013, trade between the two neighboring countries hit $293 million, according to Iran’s commercial attaché to Yerevan Hamaiak Avadis Yanes.

Armenia was Iran’s 28th biggest trading partner in the previous Iranian calendar year, ending March 20, 2014, according to Iran Customs Administration.

Iran exported $105.6 million and imported $28.9 million worth of non-oil products to and from the country over the period.

Financialtribune.com