Iran and Armenia have discussed the latest issues concerning the establishment of a joint economic zone to facilitate bilateral trade interactions.

During a meeting between managing director of Iran’s northwestern Aras Free Trade Zone, Sadeq Najafi, and Governor General of Armenia’s Syunik Province Suren Khachatryan earlier this week, the two sides exchanged views on the creation of a joint economic zone at Nordouz border crossing.

Since Armenian businessmen and manufacturers do not require a visa to enter the Aras Free Trade Zone via Nordouz border crossing, they can explore investment opportunities in the Iranian trade zone, Khachatryan pointed out.

On December 23, 2011, Iranian President Mahmoud Ahmadinejad paid an official one-day visit to Yerevan. The visit took place upon the invitation of his Armenian counterpart Serzh Sargsyan and in response to his earlier trip to Tehran in March, 2011.

Ahmadinejad and Sargsyan discussed the promotion of relations between Tehran and Yerevan, Iran’s oil exports to Armenia and the construction of connecting routes. Iran and Armenia also signed five cooperation documents and memoranda of understanding on the sidelines of Ahmadinejad’s visit to Armenia.

The agreements included cooperation on the construction and launch of hydro-electric power plants on the Aras River, joint cooperation between the Institute of Standards and Industrial Research of Iran and Armenia’s National Institute of Standards, cooperation in social welfare and affairs as well as bilateral environmental cooperation.

The value of trade between Iran and Armenia reached USD270 million in 2010. The figure now reportedly stands at USD300 million. The two countries have taken major strides over the past 20 years toward the expansion of economic ties, particularly in the energy sector.

MP/HMV/SS