Mirzoyan: Armenia to increase bilateral trade turnover with Iran to $3 billion

ArmInfo. Armenia aims to  enhance trade and economic relations with Iran and increase bilateral  trade turnover to $3 billion, as stated by Armenian Foreign Minister  Ararat Mirzoyan at a joint press conference with his Iranian  counterpart Abbas Araghchi.

The head of the Armenian Foreign Ministry highlighted the dynamic  development of Armenian-Iranian relations across all sectors and  noted that in 2024, trade turnover surpassed the previous five years,  reaching $755 million. "We have expressed our willingness to increase  this amount to $3 billion. I will add that the opportunities were  enhanced by the agreement between Iran and the EAEU to establish a  free trade zone," Mirzoyan noted. According to him, the Iranian side  participates in infrastructure projects on Armenian territory.  Particularly, the Iranian side is entrusted with the construction of  the Kajaran-Agarak section, which is of great importance in the  Crossroads of Peace project. "Thus, Iran was not only one of the  first to welcome this initiative of the Armenian government, but also  participates in its implementation in practice," the Minister noted.

In response, the head of the Iranian Foreign Ministry pointed out the  untapped potential in bilateral relations. "Iran and Armenia are  ready to facilitate transit and cargo transportation in both  directions, towards the Black Sea and the Persian Gulf, India, Oman,  to construct a new bridge on the Araks River," Araghchi said, adding  that the implementation of the Crossroads of Peace project will  create great opportunities for enhancing relations between the two  countries. 

According to data from of the RA Statistical Committee for  January-December 2024, Iran ranks 4th in terms of foreign trade  turnover with Armenia - $737.4 million, showing an annual growth of  6.5%.  Particularly, imports from Iran increased by 5.2%, and exports  - by 14.5%, totaling $629.2 million and $108.3 million, respectively.  Iran's share decreased in both exports to 0.8% and  imports to 3.7%.