June 24, 2021

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Iran, Armenia Trade Volume to Hit Over $1b

Iran, Armenia Trade Volume to Hit Over $1b
Iran, Armenia Trade Volume to Hit Over $1b

Chairman of Iran-Armenia joint chamber of commerce Hervik Yarijanian said that once free trade zones are established at joint borders, the volume of mutual trade will reach over $1b.

TEHRAN (Iran News) –  Chairman of Iran-Armenia joint chamber of commerce Hervik Yarijanian said that once free trade zones are established at joint borders, the volume of mutual trade will reach over $1b.

Yarijanian said Meghri free trade zone will be opened soon in Aras, the northwest of the country, which can boost the volume of trade.

This proximity provides better conditions for both countries to facilitate trade, he said.

The official further noted that this special capacity can increase trade between the two countries to $ 1.2 billion in less than a year.

He called for providing exemption facilities.

Exports and imports in Iran and Armenia must be balanced, he said adding that if exports increase and import bans are implemented in the medium term, trade between the two countries will face obstacles.

He also referred to holding three expert exhibitions in the upcoming Iranian calendar month.

Iran has a number of border free trade zones like in Kish, Qeshm, Chabahar, Aras, Anzali, Arvand and Maku.

The central banks of Iran and Armenia have been urged to support more of a barter trade mechanism between the two states.

Deputy Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) for International Affairs Mohammad-Reza Karbasi met with Director of Union of Manufacturers and Entrepreneurs of Armenia (UMEA) Gagik Makaryan and during the meeting, both sides explored the economic capacities of the two countries for the future cooperation.

The two sides in the meeting emphasized barter trade as the major way for enhancing trade exchanges between Iran and Armenia and they called for more supports from the central banks of both countries for this mechanism.

Original News : https://irannewsdaily.com/2021/05/iran-armenia-trade-volume-to-hit-over-1b/

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