IFP Exclusive

Iran, Armenia Discuss Closer Trade, Economic Ties

The governor of the Central Bank of Iran (CBI) has underlined the importance of enhancing cooperation with Armenia.

Abdonasser Hemmati also touched upon the age-old history of trade and cultural exchanges between the two countries.

“Currently, the volume of trade between the two countries is not reflecting the long history of mutual cooperation,” said the CBI governor in a meeting with Aremnian Economy Minister Vahan Kerobyan.

“So, by holding similar meetings, we hope we will be able to further promote reciprocal ties and see [mutual] economic cooperation expand,” said the Iranian official.

Hemmati then recalled that Iran and Armenia are both members of the Eurasian Economic Union.

“Using its geographical situation, Armenia can have a tremendous impact on the promotion of trade ties between the two countries and with the whole [Eurasian Economic] Union, especially when Iranian businesspeople have always been very interested in exporting goods to Armenia,” added Hemmati, who is also the head of Iran’s Money and Credit Council.

“Despite the heavy pressure of the US, the economic situation of Iran is improving and we have been able to secure a positive economic growth this year,” he added.

“Generally speaking, we believe the sanctions won’t last, and currently, Iran’s trade ties with certain countries are opening up, and it is a proper time for Armenia, as a friend and neighbour of Iran, to work towards boosting its relations with Iran,” said the CBI director.

“Over the 10 months to January 2021, Iran exported $260 million worth of goods to Armenia. However, Iran’s imports from Armenia amounted to less than 30% of that figure,” he said.

“These figures are not very high, and a solution should be worked out to strike a balance or to transfer excess trade resources, so that Iran will be able to increase its exports more than ever before,” he said.

The Armenian official, in turn, expressed his gratitude to the CBI for hosting him, and called for the expansion of trade and economic relations between the two countries.

He also called for major Iranian companies to run investment and production activities in Armenia.

Given the importance of banking issues between the two countries, Kerobyan invited the CBI governor to travel to Yerevan to follow up on specialized banking and financial transactions issues with his Armenian counterpart.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Recent Posts

Iranian shepherd soothes attacking bear

A video has gone viral in Iran showing a shepherd trying to calm down a…

7 hours ago

Iran’s Lake Urmia sees significant improvement amidst restoration efforts

An Iranian official reports that the shrinking Lake Urmia is in better condition than last…

10 hours ago

Four terrorists killed during clash with IRGC forces in Iran’s southeast

Iranian security forces have killed another four terrorists in the southeastern city of Rask in…

12 hours ago

Former Parliament chief: Iran should not tie affairs to Trump

The former speaker of the Iranian Parliament and a current member of the country's Expediency…

12 hours ago

IRGC chief commander: Resistance grandeur led to changes in US leadership

The commander-in-chief of Iran's Islamic Revolution Guard Corps (IRGC) says that the power of Palestinian…

13 hours ago

Iran signs key agreements during communications minister’s visit to Cuba, Venezuela

Iran’s Minister of Communications Sattar Hashemi has recently concluded a "productive" six-day trip to Cuba…

15 hours ago