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The free trade agreement signed between Iran and the Eurasian Economic Union (EEU) will promote the growth of trade turnover between Armenia and Iran, Chair of the Republican Union of Employers of Armenia Gagik Makaryan told Armenian News- NEWS.am.

According to him, Iran has tightened the terms of products import in order to stimulate its own economy amid sanctions imposed on the country.

"Now the country is looking for new directions of economic cooperation, and in this regard the 200 millionth market of the EEU is very interesting for Iran, as well as eighty millionth Iranian market is interesting for EEU,” the economist noted adding that in the future, other EEA member countries, including Armenia, can establish trade relations with Iran.

According to him, Iran and Russia will choose the most advantageous land route through Armenia for mutual cargo transportation, and the parties will have to pay Armenia for transit in supply.

“The free trade agreement assumes that the customs regime with Iran will be simplified, which will increase Armenian-Iranian trade turnover," the expert said.

The volume of cargo transportation will also increase, which will lead to a multiplicative growth of the service sector, the expert believes.

EEU and Iran signed the free trade interim agreement within Astana Economic forum in Kazakhstan on May 17.

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