Armenia and Iran are working to considerably increase trade. Last year bilateral trade stood at $714 million. Data of this year’s first half shows a 13% increase, which in turn shows that the positive pace of dynamics is maintained, Armenpress reported.

On August 25, an exhibition showcasing the products offered by Armenian and Iranian companies in agriculture, manufacturing and tourism opened in Yerevan with the purpose of boosting bilateral trade between Armenia and Iran.

Hojatollah Abdolmaleki, Advisor to the President of Iran and Secretary of the Free Zones High Council of Iran, was personally leading a delegation to Armenia and attended the event.

Armenia’s commercial attaché to Iran Vardan Kostanyan told Armenpress that both sides are seeking new opportunities to further develop trade. The two countries plan to increase bilateral trade to $1 billion, and then to $3 billion.

Kostanyan said that Iran plans to open eight new free economic zones, bringing the number of its Free economic zones to fifteen.

“We are now looking into the untapped potential and opportunities to utilize them in bilateral cooperation. On the other hand, our neighbor is still under sanctions, therefore while carrying out economic policy we are unconditionally taking into consideration this fact. Iran provides state support and protection to companies investing in its economy,” Kostanyan said.

He underscored direct meetings between business representatives.

“Armenia and Iran attach great importance to the prospect of carrying out shipments through the Persian Gulf-Black Sea logistic route, and the Armenian side is maximally seeking to support the implementation of this megaproject, attaching great importance to the use of its own territory. The option of exporting Armenian goods through Iranian territory to Arab countries and India is also under discussion, and in this context, the parties have decided to find solutions through joint efforts, and simplify the procedures applied from both sides on that road,” Kostanyan said.

Armenia’s membership to the Eurasian Economic Union and its land border with Iran gives opportunities for establishing enterprises and carrying out broad joint projects, he said.