Why it matters:
This significant growth highlights Iran's efforts to diversify its trade partnerships amid ongoing U.S. sanctions and its strategic interest in accessing the Eurasian Economic Union (EAEU) markets.
The big picture:
During the first ten months of the current Iranian calendar year (March 20, 2024 - January 19, 2025), Iran exported non-oil goods worth approximately $402.5 million to Armenia. This is because both nations aim to enhance their trade cooperation, with a target trade volume of $3 billion set for the future.
Key Points:
Iran's non-oil exports to Armenia rose by 21%, totaling $402.5 million in the first ten months of the current Iranian calendar year.
The target trade volume between Iran and Armenia is set at $3 billion, with ongoing efforts to bridge the existing gap.
A barter trade agreement was signed to enhance trade relations and mitigate the impact of U.S. sanctions.
Iran has opened a significant trade center in Yerevan, described as the largest Iranian trade center globally, aimed at boosting bilateral trade.
What they're saying:
Mohammad Ali Dehqan Dehnavi, head of Iran's TPO, stated, "We are striving to reach this target," referring to the $3 billion trade goal. He emphasized the importance of trade delegations and participation in business events to foster growth.
Armenian Deputy Economy Minister Edgar Zakaryan echoed this sentiment, noting, "Armenia is prepared to collaborate with Iran across various sectors to strengthen mutual trade relations." He highlighted the potential for economic cooperation and the readiness to establish specialized working groups to follow up on trade matters.
Go deeper:
Iran seeks to boost trade with Armenia via delegations, events, and a Yerevan trade center. A barter agreement was signed to bypass U.S. sanctions.
303
Hossein Amiri
