Value of Iran’s exports to Armenia reach USD389M in 9 months
Date
1/26/2025 8:24:39 AM
(MENAFN) Iran exported goods worth USD389,079,674 to Armenia during the first nine months of the current Iranian calendar year, spanning March 20 to December 21, 2024, according to a report by the Islamic Republic of Iran Customs Administration (IRICA). The report also noted that the total weight of goods exported to Armenia during this period was 1,482,112,041 tons, reflecting the strength of trade ties between the two nations.
In early October 2024, Iran and Armenia signed a barter trade agreement during the 3rd Eurasian Economic Forum held in Yerevan. The agreement was formalized by Mohammad-Ali Dehghan Dehnavi, Head of Iran’s Trade Promotion Organization (TPO), in the presence of Iranian Minister of Industry, Mining, and Trade Mohammad Atabek, and Armenian Economy Minister Gevorg Papoyan. Barter agreements are seen by Iran as a strategic approach to bypass U.S. sanctions that hinder its access to global trade networks.
The signing of the barter deal followed the inauguration of Iran’s trade center in Yerevan, a major facility spanning 18,000 square meters with 107 booths and stalls selling Iranian consumer goods, chemicals, and industrial products. The center also includes retail and wholesale spaces for Armenian businesses, symbolizing a collaborative effort to enhance bilateral trade. Iranian ambassador Mehdi Sobhani described the facility as the "largest Iranian trade center in the world," projecting it as a catalyst for a significant boost in trade between the two countries.
At the signing ceremony, both sides emphasized the importance of removing financial and banking restrictions to facilitate smoother trade operations. They also discussed measures such as easing customs limitations and providing guarantees for Iranian technical and engineering service contractors in Armenia, which are expected to further strengthen trade and economic collaboration.
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