News ID: 270981
Published: 0225 GMT July 03, 2020

Iran, Armenia emphasize expansion of bilateral cooperation

Iran, Armenia emphasize expansion of bilateral cooperation

Iranian Ambassador to Yerevan Abbas Badakhshan Zohouri and Armenian Minister of Territorial Administration and Development Suren Papikyan, in a meeting in Yerevan on Thursday stressed the promotion of bilateral relations.

During the meeting, the Armenian minister expressed hope that relations between the two neighboring countries would further expand during the tenure of the Iranian ambassador to Yerevan, Armenpress reported.

Papikyan said that the joint development plans by Iran and Armenia is indicative of the high level of cooperation between the two countries.

The Iranian ambassador, for his part, voiced Tehran’s readiness for further enhancement of cooperation with Yerevan, stressing the need to make use of existing capabilities in economic relations. 

The two sides also discussed the outlook of implementing joint plans for regional, transportation and energy infrastructure cooperation. 

The Iranian ambassador and the Armenian minister also discussed measures taken by both countries to contain COVID-19 and to tackle the subsequent economic crises as well.

Meanwhile, Ruhollah Latifi, the spokesman for the Islamic Republic of Iran Customs Administration (IRICA) said on Thursday that the value of trade between Iran and the Eurasian Economic Union (EEU) reached $2.418 billion after the implementation of the preferential trade agreement on October 27, 2019.

Iran is a very important market in the region and the development of ties with this country is of great significance for EEU members (Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan).

As announced by the official, over 6.873 million tons of commodities were traded between the two sides since then, IRIB reported.

Saying that basic commodities account for the major part of Iran’s imports from the EEU member states, the official announced that Iran’s imports from those countries constitute 72 percent of the total trade between the two sides.

He put Iran’s imports from the EEU countries based on the preferential tariffs at over 5.207 million tons valued at $1.737 billion, and the country’s exports from the block at 655,614 tons worth $681 million.

The IRICA spokesman mentioned Russia and Armenia as the major exporters of goods to Iran, while Russia and Kazakhstan were the top importers of commodities from Iran.

In May, the head of Iran’s Trade Promotion Organization (TPO) announced that the export of the commodities subjected to preferential tariffs from Iran to the Eurasian Economic Union’s member states had risen 85 percent since the implementation of the agreement between the two sides.

Hamid Zadboum also said that 13 percent of Iran’s imports from the EEU are subjected to the preferential tariffs, while 49 percent of the country’s exports to the block is subjected to those tariffs.

The official said that Iran’s exports to the EEU member countries are more variable compared to its imports from those states, adding exports can be even more expanded.

Iran and Eurasian Economic Union reached a free trade agreement in October 2018 based on which about 862 commodity items were subjected to preferential tariffs.

The interim agreement enabling the formation of a free trade area between Iran and the EEU was signed on May 17, 2018, and officially came into force on October 27, 2019.

The free trade agreement between Iran and this union has paved the ground for the expansion of trade ties between the two sides.

The agreement with the bloc has increased Iran’s exports to the EEU member states significantly, which is a turning point for Iran’s plans for boosting non-oil exports during US sanctions.

 

 

   
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