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“If the Iranian investors produce their goods in Armenia, they will be able to export them to the EAEU member states’ market of 400 million without any customs duties,” the Armenian Ambassador to Iran, Artashes Tumanyan, told the Iranian magazine Donyaye Eqtesad.

When asked about the influence of Armenia’s membership in the EAEU (Eurasian Economic Union) on the economic relations between Armenia and Iran, the ambassador Tumanyan said, “A joint customs code for the five EAEU member states has been elaborated on. If the Iranian investors produce their goods in Armenia, they will be able to export them to the EAEU member states’ market of about 400 million without paying any customs duties. For instance, Russia has a demand of a number of types of products as a result of the sanctions imposed on it. The Iranian investors can produce them in Armenia and export into Russia without paying customs duties.”

Referring to the investment policy of Armenia, Tumanyan the Ambassador said, “Armenia attracts foreign investors. Armenia and Iran signed an Agreement on investment mutual support and encouragement about 10 years ago. However, even a small job shop of the large factories operating in food, machinery, petrochemical and other fields in Iran is not represented in Armenia. The same goes for Armenia. None of the large Armenian companies operate in Iran. There are professional experts and active entrepreneurs in Armenia who could be of certain help for the Iranian investors.”

“Among the EAEU member states, Armenia is the only one to be GPS+ system’s member, which allows exporting some products into the EU with low customs duties. There are currently two free trade zones in Armenia operating in the fields of IT, telecommunications, biotechnologies, as well as goldsmithing, diamond production and watchmaking,” the Armenian ambassador added.