Iran, Armenia sign barter trade agreement in Yerevan

The Iranian Minister of Industry, Mining, and Trade, Mohammad Atabek attended a meeting with the Minister of Economy of the Republic of Armenia, Gevorg Papoyan Yerevan.

In this meeting, the parties emphasized the removal of financial and banking obstacles and restrictions, facilitating the issuance of guarantees for Iranian technical and engineering service contractors in Armenia and some other customs restrictions.

In this meeting, the Minister of Economy of Armenia announced the decision of the Armenian government to invest in Iran's Chabahar Port.

He also referred to the importance of opening a commercial center of Iran in Armenia, calling on Atabek for support and assistance in setting up an Armenian business center in Iran.

At the end of this meeting, a trade agreement was signed between Iran and Armenia.

Atabak, who has traveled to Yerevan to participate in the Eurasian Economic Forum, is accompanied by a delegation consisting of the head of the Trade Development Organization, a number of lawmakers and about a hundred representatives of Iranian companies, organizations and businessmen.

The business dialogue event between Iran and the Eurasian Economic Union in Yerevan included round tables with topics such as the development of commercial, economic and industrial cooperation.

Iran and EAEU reached a preferential trade agreement in 2018, based on which about 862 commodity items are currently subject to preferential tariffs. The agreement came into effect on October 27, 2019.

In December last year, the two sides also signed a Free Trade Agreement (FTA) during the EAEU Summit in St. Petersburg, Russia.