Iran pitches trade diplomacy in Armenia with large delegation

Minister of Industry, Mines and Trade Reza Fatemi-Amin will travel to Armenia this week at the head of a large delegation, pushing forward on the current administration's policy to fast-track trade and economic relations with neighbors.

The visit comes in the wake of a memorandum of cooperation signed between Iran Small Industries and Industrial Parks Organization (ISIPO) and Armenia's Investment Support Center last year, following which the first exhibition of Iran's production and industrial capabilities was held in Yerevan with a strong participation of Iranian companies.

Trade between the two neighbors, currently around $300 million, has steadily grown since Iran and the Eurasian Economic Union (EAEU) reached a free trade agreement in October 2018 based on which about 862 commodity items were subjected to preferential tariffs.

The EAEU is a trade bloc that includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, seen by many observers as a precursor to a future Eurasian Union to unite the regional states as a bulwark against the West's use of economic sanctions as a political pressure tool.

To put in perspective, French Finance Minister Bruno Le Maire declared an “all-out economic and financial war” against Russia Tuesday to bring down its economy as punishment, before rowing back on language he later said was inappropriate.

The Armenian market is a special opportunity for small and medium-sized Iranian enterprises, especially in the field of food, home appliances and nuts.

The visit by the minister of industry, mines and trade, having already visited Oman, Qatar and the UAE, takes place in line with the government's determination to develop economic and trade diplomacy with the regional countries, especially Iran's neighbors.

It is also in line with the state policy to provide the necessary basis for the proactive presence of the Iranian private sector in neighboring countries and build a competitive landscape for their international operations.

“The visit comes as part of efforts to expand trade ties with Armenia, in order to use its capacities to enter the Eurasian market,” Alireza Paymanpak, head of Iran’s Trade Promotion Organization, was quoted as saying.  

According to Paymanpak, chief executives of 35 Iranian private companies will accompany Fatemi-Amin in the visit.

SS