YEREVAN. – Iran will reduce duties on imports, including goods from Armenia,as soon as the western sanctions are lifted, economist Gagik Makaryan told reporters.

During the years of sanctions, Iran set a very high import duties to create demand for its industry at least at home under conditions of closed export. Therefore, the country is largely trying to provide itself. But now, when the road is open to Iranian exports, the question of opening the Iranian market for other countries is being raised.

“And Armenia is such a small country that will not damage anyone's interests is a huge Iranian market,” Makaryan said.

Several months ago Armenian leadership was happy with joining a 180-million market of the Eurasian Union. No we have a 70-million market of Iran that can become a good alternative amid economic difficulties in Russia, the economist beleies.

In line with the agreement, Iran is supposed to drastically reduce the stock of low-enriched uranium, as well as dismantle some key nuclear facilities, such as heavy water reactor in Arak and Fordow underground enrichment plant. In return, the EU and the U.S. will lift oil embargo and other trading limitations, as well as will allow Iran to access to Swift electronic banking system.