Iran exports commodities worth 389m to Armenia in 9 months

Iran exports commodities worth $389m to Armenia in 9 months

TEHRAN- Iran exported commodities valued at $389,079,674 to Armenia in the first nine months of the current Iranian calendar year (March 20 – December 21, 2024), according to a reported published by the Islamic Republic of Iran Customs Administration (IRICA).

The IRICA report put the country’s weight of goods exported to Armenia in the mentioned nine-month period at 1,482,112,041 tons.

Iran and Armenia signed a barter trade agreement on the sidelines of the 3rd Eurasian Economic Forum in Yerevan in early October 2024.

The agreement was signed by Head of Iran’s Trade Promotion Organization (TPO) Mohammad-Ali Dehghan Dehnavi at the presence of Iranian Minister of Industry, Mining, and Trade Mohammad Atabek and Armenian Economy Minister Gevorg Papoyan.

Iran views barter agreements as a major tool to avoid U.S. sanctions that restrict its access to international trade.

The signing of the deal came after Iran opened its trade center in Yerevan. The center, built over an area of 18,000-square meters, has 107 booths and stalls that sell Iranian-made consumer goods, chemicals and other industrial products. Armenian businesses have also a share in the retail and wholesale facility.

Iranian ambassador in Yerevan Mehdi Sobhani described the facility as the “largest Iranian trade center in the world”, saying it will lead to a major increase in trade ties between Iran and Armenia.

Speaking at the signing ceremony, the parties emphasized the removal of financial and banking obstacles and restrictions, facilitating the issuance of guarantees for Iranian technical and engineering service contractors in Armenia and some other customs restrictions.

The Armenian side announced the decision of the Armenian government to invest in Iran's Chabahar Port.

He also referred to the importance of opening a commercial center of Iran in Armenia, calling on Atabek for support and assistance in setting up an Armenian business center in Iran.

Iran and Armenia seek to increase the value of their trade ties to $3 billion per year. Iran also views Armenia as a gateway to trade with members of the Eurasian Economic Union (EAEU).

In late September 2024, officials and private sector representatives of Iran and Armenia discussed ways of increasing economic cooperation including the establishment of a joint free trade zone in Armenia.

An Iranian business delegation, which was in Armenia to attend the Eurasian Economic Forum, attended a meeting with the directors of Mantashyants Business Club which is Armenia’s largest international business club to explore avenues of cooperation.

During the meeting, Iranian and Armenian economic operators and business persons discussed the fields of cooperation while introducing their fields of activity.

Speaking at the gathering, the chairman of the board of directors of Mantashyants Club, pointed out that this group is the largest business complex in Armenia, which has 650 members from 18 different countries around the world.

“We have close cooperation with the Iranian Embassy in Armenia and we hope that the level of our interactions with the Tehran Chamber of Commerce will also improve,” Vahram Mirakyan said.

Mirakian further spoke about the readiness of this group to introduce partner companies to Iranian economic operators in Armenia. He considered the development of trade with Iran to be important and expressed hope that these exchanges would increase the volume of commercial transactions between the two countries.

Elsewhere in the meeting, TCCIMA Head Mahmoud Najafi Arab mentioned the high capacity and ability of the members of the Iranian trade delegation present in Armenia and other members of the TCCIMA and said: “Some MPs are also present in the business delegation sent to Armenia by the Tehran Chamber, and this shows the importance of developing the country's trade exchanges with Armenia.”

He also underlined the importance of exchanging business delegations to improve the level of economic relations between the two countries and invited the Armenian side to visit Iran to continue the talks.

MA

source: tehrantimes.com