Negotiations Ongoing for the Formation of North-South International Transport Corridor with Iran - MFA

From January 26-27, Mohammad Javad Zarif, the Minister of Foreign Affairs of the Islamic Republic of Iran, will be on a working visit to Armenia during a regional tour. Meetings are scheduled with Armenian Prime Minister Nikol Pashinyan and Minister of Foreign Affairs Ara Aivazian. This was reported by the Ministry of Foreign Affairs of Armenia.

The Ministry also provided a brief overview of the bilateral relations between the Republic of Armenia and the Islamic Republic of Iran for the years 2019-2020. The full details are as follows.

Political Dialogue

On February 27-28, 2019, an official visit by the Prime Minister of Armenia took place in the Islamic Republic of Iran at the invitation of President Hassan Rouhani. During the visit, three documents were signed, and agreements were reached to expand bilateral cooperation and elevate it to a new qualitative level.

On July 2, 2019, the 16th joint session of the Armenian-Iranian intergovernmental commission was held in Tehran, resulting in the signing of a memorandum of understanding regarding the 16th joint meeting of the intergovernmental commission of Armenia and Iran.

On October 1, 2019, President Hassan Rouhani visited Armenia to participate in the meeting of the EAEU Supreme Economic Council. During this visit, a meeting was held between the President of Iran and Prime Minister Nikol Pashinyan.

Trade and Economic Cooperation

Iran is Armenia's fourth-largest trading partner. Throughout 2020, despite the negative impacts of the COVID-19 pandemic, Armenian-Iranian trade did not undergo serious changes, and exports even slightly increased, reaching approximately $74 million in the first ten months of 2020 (compared to about $71 million in the same period in 2019).

The indicators of Iranian investments in Armenia and Armenian investments in Iran show that Armenian-Iranian trade and economic relations have significant potential for realization.

In the energy sector, a gas-for-electricity exchange program is being implemented. The construction of the third high-voltage power transmission line is ongoing and is expected to be completed by the end of 2021. The implementation of this project will significantly increase the volume of gas and electricity exchange and sales.

In terms of revitalizing bilateral trade and economic ties, the establishment of the Meghri Free Economic Zone on the border with Iran (launched in December 2017) is significant; there is currently a need to modernize this zone and resolve several technical issues.

Currently, the process of forming the North-South International Transport Corridor with Iran is under discussion. In terms of enhancing bilateral and regional trade and economic relationships, the temporary agreement aimed at the establishment of a 'EAEU-Iran Free Trade Zone' is important. This temporary agreement came into force on October 27, 2019.