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Trade between Iran, Armenia can reach $1b annually: Minister

– Finance Minister Farhad Dejpasand said on Tuesday that the volume of trade between Iran and Armenia currently stands at $300 million, which, given the export and import capacity of the two countries, can raise to $1 billion a year.

In a meeting with his Armenian counterpart Vahan Kerobyan late on Tuesday, he stressed the need for developing communication and financial infrastructures of the two countries, saying that trade exchanges can be increased up to one billion dollars, if mutual cooperation is promoted.

Reiterating that problems pertaining to structures should be solved, Dejpasand added that customs relations should be enhanced and such issues should not create obstacles in deep economic ties.

As to banking and insurance cooperation between the two countries, he said, "We should define new models for cooperation in this regard and have bilateral monetary, banking and financial exchanges in the framework of bilateral agreements."

Dejpasand also proposed establishment of a joint bank to help solve financial problems in the way of financial development.

He pointed to foreign investment in the two countries, given the existing opportunities and capacities, especially in the fields of oil, gas and mineral industries, adding, "We can produce a special product with a specific brand for the countries of the region and the Eurasian Union."

Armenian economy minister, for his part, hailed his Iranian counterpart's ideas, saying that insurance of exports will help raise investment and exports.

Calling for developing trade exchanges between the two countries, he said that a group of Armenian entrepreneurs and businesspeople will be sent to an exhibition to be held in Isfahan next month, and plans have been made to hold economic conference in Armenia.

Armenia is the main negotiator in Iran's full membership in Eurasia, he said, noting that the negotiations will be held next month and Armenia favors the issue be materialized soon.

Source: Islamic Republic News Agency - IRNA

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