An Armenian-Iranian business forum opened in Yerevan on June 18. The Iranian side is most serious about the forum, representatives of 83 companies participating in the event being evidence thereof. This is the second Armenian-Iranian business forum this year - the first was held in Teheran this February. The Armenian Development Agency (ADA) is a co-organizer of the forum.

Although Iran is Armenia’s neighbor, with friendly political relations with the country, Armenian-Iranian economic ties are not so active. Last year, Armenian-Iranian trade turnover totaled U.S. $153.4m – a 32.7% decrease as compared with 2008. Iran’s share constituted 3.8% of Armenia’s foreign trade turnover in 2009, and 4.2% in 2008.

Iran is Armenia’s seventh largest trade partner. Armenia mainly imports products from Iran. In 2009, Armenian exports to Iran totaled U.S. $19m, whereas the country’s imports from Iran totaled U.S. $134.4m. Last year, Armenian exports to Iran showed a 24% decrease, even after Iran took greater interest in importing sheep from Armenia and purchased 150,000 head.