Vardan Goustanian said all signs show that trade ties between Iran and Armenia are growing.
Goustanian’s comments come as Iran’s minister of industry, mines and trade earlier this month visited Armenia for talks over ways of facilitating economic ties between the Islamic Republic and neighbors including Armenia.
Currently, the volume of trade between Iran and Armenia is $500 million per year but both sides agree this can reach $1 billion. Armenia’s economic attaché in Iran said compared to 2021 and 2020, trade between the two countries has increased 25% ($102 million) this year and now stands at $503 million.
Goustanian also confirmed that the goal is to increase that figure to $1 billion, saying if that objective is achieved, higher figures will also be discussed.
He noted that the Eurasian Economic Union has five members including Armenia, which is the only member of the bloc having a land border with Iran.
Armenia’s economic attaché in Iran said the Eurasian Economic Union is a large market with a 185 million population, and Armenia is capable of linking Iran to other members of the bloc like a bridge.
He also said Iranian businesspeople can use the links their Armenian peers have in the Eurasian Economic Union for the purpose of doing lucrative business with the bloc’s members.
He said Iranians are highly skilled in road and dam construction and the two sides can engage in profitable cooperation in this regard. He also noted that Armenia has a population of 3.5 million, saying his country imports $5 billion worth of goods each year. Goustanian said Iran can secure a larger share of Armenia’s imports.