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The launch of the free economic zone in Armenia’s Syunik regions at the Iranian-Armenian border will considerably increase the trade volumes between Armenia and the Islamic Republic, expert in Iran Armen Israyelyan told a press conference on Tuesday.

Speaking of the agreement on the joint use of Meghri-Norduz border crossing, the speaker pointed to the main focus of the document aimed at implementation of forward-looking economic projects between the two countries. 

“The agreement has been debated at the Iranian parliament for several times and was approved just days ago. The agreement regulates transit cargo moving, transit of energy resources as well as will foster mutual trade turnover,” Israyelyan said, adding working groups are to be formed to discuss accelerated procedures at customs checkpoints.

Israyelyan reminded that in 2015 Armenia and Iran recorded $120-130 mln turnover, while the numb in 2016 was $170 mln. Nonetheless, per Israyelyan, both the Armenian and Iranian sides are unhappy with the level of bilateral trade turnover, especially in the view of the untapped potential.  

In Israyelyan’s words, the programs aimed at deepening economic cooperation with Iran should be divided to two groups of short and long terms. The Islamic Republic and Armenia has thus far realized one major project which is the gas pipeline. However, the realization of the Iran-Armenia railway should be kept at sight as well.

Speaking of the cooperation with Armenia as a member state to the Eurasian Economic Union (EAEU) Israyelyan noted official Tehran has always been opted for connecting with member states of the economic bloc via Armenia.

“Iran tries to establish economic ties in all directions as every market matters for the country. In parallel to this, the activity of Iranian-Turkish economic relations have noticeably decreased,” the speaker concluded.