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The agreement was signed by Iran’s Minister of Industry, Mining and Trade Ali Reza Razmhosseini and Armenia’s Economy Minister Vahan Kerobyan on Saturday.
In remarks at the event, the Iranian minister said the agreement is going to boost commercial exchanges between the two countries, noting that the value of Iranian exports to Armenia stands at around $300 million at present.
“Armenia is a Eurasian country and we have a positive attitude towards trade with Eurasia,” Razmhosseini said, stressing the need for continued negotiations to allow Iran to join the Eurasian Economic Union.
The Iranian minister mentioned the mining industry, foodstuff trade, and home appliances as grounds for the expansion of ties between the two countries.
The visiting Armenian minister highlighted Yerevan’s readiness for improving trade ties with Iran, saying his country offers a big market for the Iranian business people willing to work with the third countries.
Armenia has announced that it will replace 2,250 Turkish products with Iranian goods in reaction to the recent tensions between the two countries.
Yerevan has suspended the import of Turkish goods for six months in reaction to Ankara’s military support for the Republic of Azerbaijan in the recent conflict in the region.
This ban was adopted on October 20, 2020, and was put into effect on January 1, 2021.