Armenia is a gateway for Iran to enter EEU’s lucrative 200 million market - new ambassador

YEREVAN, June 6. /ARKA/. Armenia is the gateway for Iran to enter a lucrative market of a 200-million population due to its membership in the Eurasian Economic Union (EEU), Iran’s new envoy to Armenia Mehdi Sobhani stated, according to Iranian news agencies.

Speaking in a meeting with the governor general of Zanjan province on Thursday, Mehdi Sobhani called on Iranian producers to take advantage of opportunities created for them to get the lion’s share at this profitable market.  

He also stated that the expansion of relations with neighboring states is among the main foreign policy agendas of the Iranian government.

According to Sobhani, provinces can play a leading role in boosting the country’s economy. Sobhani put the value of Iran’s exchanges of trade with Armenia at more than $700 million and reiterated that it is targeted to increase to $3 billion in the future.

A free trade agreement was signed between Iran and the EEU in January 2023. It is set to enter into force in September 2023. The agreement is expected to facilitate and accelerate economic and trade relations between the IRI and the EEU.

Under the agreement, Iran and the EEU agreed on zero tariffs for 90% of goods supplied to both sides. -0--