May 28, 2024

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Iranian exports to Armenia resumed

TEHRAN- Iran has resumed exports to its neighbor Armenia since the last week, Mehr news agency reported.

The exports are conducted via Iran’s northwestern Norduz border in a limited quantity, Rouhollah Latifi, the spokesperson of the Islamic Republic of Iran Customs Administration (IRICA), announced, adding that with 250 trucks passing through the border on Aras River, trade with the neighboring country is normalizing after weeks.

“Armenia imported over $430 million worth of Iranian goods in the past Iranian calendar year [ended on March 19] to become the country’s second export destination among the Eurasian Economic Union (EAEU)’s member states after Russia,” he said.

Iran’s preferential trade agreement with the EAEU has had a significant impact on the country’s trade relations with Armenia, according to the head of Iran-Armenia Joint Chamber of Commerce and Industry.

“The two sides are applying tariff discounts offered based on the agreement and there has been no problem in this regard”, Hervik Yarijanian said in January.

According to the official, the volume of trade between the two countries has witnessed an outstanding rise since the agreement became effective in last October.

Iran mainly imports red meat from Armenia, while Armenia imports polymer raw materials, machinery, industrial gases, manufactured artifacts, leather and leather goods from Iran, he said.

He further noted that Iran has a much greater export capability compared to Armenia, adding that traders have not yet gotten used to the idea of the preferential trade agreement and hopefully with the expansion of this deal, more Iranian traders will be attracted to the Armenian market.

Iran and Armenia have been emphasizing the need for preserving and expanding trade relations between the two countries since the preferential trade deal between Iran and EAEU was implemented.

While the U.S. renewed sanctions on Iran are aimed at isolating the Islamic Republic both politically and economically, Iran’s relations, especially in the economic sectors, with its neighbors are seemed not to be affected by the sanctions.

The northwestern neighbor Armenia is one of the countries preserving and expanding its economic relations with Iran regardless of the sanction condition.

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