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Iran’s Minister of Industry, Mine and Trade Reza Fatemi-Amin says his visit to Armenia is aimed at expanding bilateral trade ties via joint investments.

“This visit is focused on deepening ties between Iran and Armenia via joint ventures," he said upon arrival in Yerevan on Thursday.

The Iranian minister is heading a high-ranking delegation including trade officials and CEOs of private companies. This is the first visit to Armenia in this level by high-ranking Iranian officials since President Raisi took office back in August 2021, the Iranian Embassy in Armenia reports.

Expanding trade diplomacy with regional states tops the agenda of the new Iranian administration and Fatemi-Amin has already made several trips to the Persian Gulf states of UAE, Qatar and Oman to boost bilateral trade relations.

Important trade partner

The Iranian minister also described Armenia as an important trade partner whose economy complements that of Iran’s.

“Armenia as a member state of the Eurasian Economic Union and a country neighboring Iran is of great significance. The economies of Iran and Armenia are complementary. We can export technologies in many industrial sectors to Armenia and import our required industrial know-how from Armenia,” said the Iranian official.

Trade relations between Iran and Armenia have dramatically expanded after Iran signed a Free Trade Agreement with the Eurasian Economic Union (EAEU) in October 2019 and has surpassed $500 million in 2021.

Under the three-year preferential trade deal, EAEU and Tehran obliged to accept the conditions for achieving a full free trade plan for tariff-free essential commodities.

Platform for export

“Iranian companies including those manufacturing home appliances as well as food industries can invest in Armenia to produce and export their products to other countries. We will also invite some Armenian companies to invest in Iran during the meeting with high-ranking Armenian officials…” Fatemi-Amin noted.

During his two-day visit, Iranian Industry, Mine, and Trade Minister Reza Fatemi-Amin is to meet top officials among them the Armenian ministers of economy and territorial administration, the deputy prime minister as well as head of Armenia’s central bank.

Implementation of trade agreements, facilitating trade between Iranian and Armenian private sectors, cooperation in free zones, commodity trade, transportation and customs are among the economic issues to be discussed in the meetings between Iranian officials and Armenian counterparts.