Trade between Iran and Armenia increased by 38% last year, said Iranian Foreign Minister Ali Akbar Salehi at the end of a two-day intergovernmental meeting in Tehran.

Iranian FM and Armenian Minister of Energy and Natural Resources Armen Movsisian signed memorandums of understanding to expand economic ties in the fields of energy, trade, banking and transportation, Press TV reports referring to IRNA news agency.

“Bilateral trade between the two sides currently stands at 270 million dollars and we are now the fourth biggest economic partner for Armenia. Now considering the potentials the agreements will help boost trade and particularly a railway project that we agreed,” he said.