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EghtesadOnline: Armenia said it is working on a plan with Iran to create a free economic zone between the two countries.

Armenia’s Minister of Economy Artsvik Minasyan has been quoted by the country’s media as saying that the planned zone will help expand relations between Iran and the Eurasian Economic Union (EEU) – a regional economic bloc led by Russia.   

The goods produced in the two countries will also enjoy preferential trade regimes as Armenia has established with the EU, United States, Canada, Switzerland, and Japan, the media reported.

According to ISNA, in late August, Armenia’s told reporters that plans are being prepared to create a free trade zone with Iran, adding that production and the export of goods would be carried out from the zone.

Iran and Armenia have been recently intensifying efforts to promote their mutual relations. The two countries announced in early August that they had lifted their visa regime to enable their citizens to freely commute between the two countries.  The move is also expected to help boost ties between the two countries.

Accordingly, Iranians and Armenians can cross the border without a visa and stay for maximum 90 days within a 180-day period, presstv reported.

Iran is currently exporting natural gas to Armenia and is in return importing electricity from the country to support demand in its northern provinces. 

Iran reportedly exports nearly one million cubic meters of natural gas to Armenia per day. Officials in Tehran had previously said that the volume could increase to as high as six million cubic meters per day.

free trade Iran-Armenia trade free trade zone