Tehran, Yerevan to ink MOU for boosting trade

January 22, 2021 - 15:7

TEHRAN - Armenian Economy Minister Vahan Kerobyan arrived in Tehran on Friday to discuss the expansion of trade relations between the two countries.

As reported by the Trade Promotion Organization (TPO) of Iran, upon arrival Kerobyan met with the TPO Head Hamid Zadboum.

During this five-day visit which has been organized by the Iranian Industry, Mining and Trade Ministry, the two sides will sign a memorandum of understanding (MOU) for boosting trade ties, according to Zadboum.

The minister is also going to meet with senior officials from the Islamic Republic including Industry, Energy, and Economy ministers as well as the Head of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA).

Visiting some of the major Iranian production centers, as well as a trip to Isfahan Province are also on the Armenian delegation’s agenda.

Kerobyan’s visit to Tehran is an opportunity to develop economic relations while resolving trade barriers and problems with Armenia as the gateway to the Eurasian market, Zadboum said after a meeting with the official.

The Armenian delegation’s visit to Tehran comes as the country is trying to replace Turkish commodities with Iranian products in its markets following political conflicts with its Turk neighbor.

This has presented a new opportunity for Iranian producers to have a strong presence in this market and turn the (probably) temporary opportunity into a permanent trade bond between the two countries.

Despite having shared borders, and close cultural and historical relations, the trade between Iran and Armenia has not been at a favorable level over the past few decades.

However, Iran’s preferential trade agreement with the Eurasian Economic Union (EAEU) and the recent developments in the region has changed the prospect of the country’s trade relations with Armenia, paving the way for a boost in the economic relations between the two sides.

Back in January 2020, the Head of Iran-Armenia Joint Chamber of Commerce and Industry Hervik Yarijanian said the preferential trade agreement between Iran and EAEU has had a significant impact on the country’s trade relations with Armenia.


Photo: TPO Head Hamid Zadboum (L) meets Armenian Economy Minister Vahan Kerobyan (R) in Tehran on Friday.

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