Trade turnover between Armenia and Iran is anticipated to reach $3 billion, according to Pashinyan

YEREVAN, August 19. /ARКА/. Armenia and Iran aim to elevate their trade turnover initially to $1 billion, and subsequently to $3 billion, which holds strategic significance, stated Prime Minister Nikol Pashinyan.

He mentioned, 'Currently, we can affirm that the $1 billion milestone has effectively been achieved, and the involved parties will diligently pursue the next objective.'

"The free trade agreement that has come into effect between the member states of the Eurasian Economic Union (EAEU) and Iran offers new prospects for the business sectors of both nations. Alongside the active political dialogue, our collaboration with Iran encompasses various industries," Pashinyan remarked.

He indicated that several infrastructure initiatives with Iran have already progressed to the practical phase, which are strategically vital for Armenia. One such initiative is the construction of the 32-kilometer Kajaran-Agarak segment of the North-South transport corridor, which Armenia has entrusted to an Iranian firm. The Prime Minister expressed his assurance that this 32-kilometer road section will be completed within the designated timeframe.

"An agreement has also been established regarding the construction of a second bridge on the Armenian-Iranian border. Among the energy initiatives is the third power transmission line connecting Armenia and Iran; we have mutually agreed that this project should be finalized promptly. Consequently, Armenia will be positioned to export a greater amount of electricity to Iran," Pashinyan added.

As per Armstat, Armenia's foreign trade turnover with Iran in 2024 reached $737.4 million, reflecting a 6.5% increase compared to 2023. Simultaneously, in the first half of 2025, the trade turnover between the two nations rose by 6%, amounting to $342.5 million.-0-