Iran, Armenia Planning to Set Up Joint Free Trade Zone
Iran, Armenia Planning to Set Up Joint Free Trade Zone
TEHRAN (FNA)- Tehran and Yerevan are working on a plan to set up a free economic zone along the two countries' borders.
"The planned zone will help expand relations between Armenia and Iran," Armenian Economy Minister Artsvik Minasyan said on Tuesday.
He said that the goods produced in the two countries will also enjoy preferential trade regimes as Armenia has established with the EU, the US, Canada, Switzerland, and Japan.
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.
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 per day to Armenia. Officials in Tehran had previously said that the volume could increase to as high as six million cubic meters per day.
Refrence:Fars
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