YEREVAN. – Trade between Armenia, China, and Iran will decline sharply due to coronavirus. Chairman of the Republican Union of Employers of Armenia, economist Gagik Makaryan, said this during a meeting with journalists.

The expert noted that Armenia's current agreements with those countries may be terminated, no new agreements will be signed, and this will seriously damage the economy of Armenia.

The economist noted that Armenia imports many products from China and Iran.

But the analyst expressed confidence that in order to mitigate the possible risks, the Armenian authorities could find out which regions and zones in Iran and China are infected with coronavirus and prohibit the import of products from those areas.

In addition, in his view, the Armenian state can subsidize private businesses, especially small and medium-sized businesses which can replace the Chinese and Iranian products in the Armenian market. "Armenia’s embassies abroad (...) can arrange meetings with businessmen to find countries to replace China and Iran," Makaryan added, in particular.