Armenia and Iran are planning to reach $1bln mutual trade turnover. The Iranian trade turnover between Armenia and Iran is expected to reach $1 billion, Gevorg Papoyan, chairman of the standing committee on financial, credit and budgetary issues and an MP representing the ruling Citizens Contract Party, told Armenian News-NEWS.am.

He said that this figure has increased by 43% in the first 8 months, stating that if the problems raised by the Armenian side are quickly solved, $1 billion will become an easily attainable mark.

Papoyan recalled that Iran plans to open a corridor from the Persian Gulf to the Black Sea, and one of the important hubs of this project will be the North-South corridor, which runs through Armenia's Syunik region.

The Iranian government and Iranian companies are interested in building a certain section of the North-South corridor. Discussions on this issue have been and still will be held. The Armenian government is ready to support the Iranian side, the MP said.

According to him, Iran and Armenia believe that the level of economic relations is seriously inferior to the very high level of political relations.

"There are ideas of implementing joint projects, including in trade, industry and mining," Papoyan concluded.