Armenia and Iran sign free trade zone MoU
21.08.2017,
06:41
Armenian Minister of Economic Development and Investments Suren Karayan and Iranian President's Advisor and Secretary of Free Trade Zones Coordination Council Akbar Torkan signed August 17 a memorandum of understanding (MoU) to broaden cooperation between Iran's Aras and Armenia's Meghri free trade zones.
YEREVAN, August 21. /ARKA/. Armenian Minister of Economic Development and Investments Suren Karayan and Iranian President's Advisor and Secretary of Free Trade Zones Coordination Council Akbar Torkan signed August 17 a memorandum of understanding (MoU) to broaden cooperation between Iran's Aras and Armenia's Meghri free trade zones. The agreement is meant to step up potentials of cooperation between the two countries' free trade zones.
"Armenian government attaches special significance to trade and economic ties with Iran and we can give an impetus to bilateral relations by producing goods in both sides' free trade zones and exporting them to Europe," Karayan was quoted as saying in a press release.
Torkan was in Yerevan to examine expansion of cooperation with Armenian officials in free trade zones.
According to Karayan, an agreement was reached with the representative of Iran to establish joint ventures in the sphere of industry and processing of agricultural products. As Akbar Torkan noted, the Aras free trade zone is a door of cooperation between Iran, the Caucasus and the Eurasian Economic Union (EEU).
"Armenia is a member of EEU and we hope that we will be able to use it to enter the Eurasian market," he said.
The establishment of the free economic zone in the southern Armenian Meghri, near the border with Iran is estimated to cost $32 million, of which $28 million are capital expenditure. The free economic zone is said to create 2,500 new jobs and increase Armenian exports by 30%.
According to the government, the main purpose of the free economic zone is to help boost trade and economic relations with Iran and other countries of the region, help the development of the southern Armenian province of Syunik, as well as position Armenia as a link between Iran and members of the Eurasian Economic Union (EEU) and Georgia. -0--0-
"Armenian government attaches special significance to trade and economic ties with Iran and we can give an impetus to bilateral relations by producing goods in both sides' free trade zones and exporting them to Europe," Karayan was quoted as saying in a press release.
Torkan was in Yerevan to examine expansion of cooperation with Armenian officials in free trade zones.
According to Karayan, an agreement was reached with the representative of Iran to establish joint ventures in the sphere of industry and processing of agricultural products. As Akbar Torkan noted, the Aras free trade zone is a door of cooperation between Iran, the Caucasus and the Eurasian Economic Union (EEU).
"Armenia is a member of EEU and we hope that we will be able to use it to enter the Eurasian market," he said.
The establishment of the free economic zone in the southern Armenian Meghri, near the border with Iran is estimated to cost $32 million, of which $28 million are capital expenditure. The free economic zone is said to create 2,500 new jobs and increase Armenian exports by 30%.
According to the government, the main purpose of the free economic zone is to help boost trade and economic relations with Iran and other countries of the region, help the development of the southern Armenian province of Syunik, as well as position Armenia as a link between Iran and members of the Eurasian Economic Union (EEU) and Georgia. -0--0-
