Armenian Minister of Economy Gevorg Papoyan, Iran’s Ambassador to Yerevan Mehdi Sobhani, and a large number of businesspersons and economic officials were present in the ceremony on Tuesday.

Delivering a speech to the gathering, Sobhani said the opening of the center is an effective step towards deepening economic cooperation between Tehran and Yerevan.

The Iranian minister of industry also spoke at the ceremony, stressing that the Islamic Republic prioritizes the promotion of relations with its neighbors, particularly Armenia.

Atabak has travelled to Armenia to participate in the Eurasian Economic Forum in the neighboring country on October 1.

In Yerevan, Atabak held several meetings with the trade officials in Armenia and the members of the Eurasian Economic Union.

Iran and Armenia sign barter trade agreement

Meanwhile, Iran and Armenia have signed a memorandum of understanding (MoU) for trade cooperation through barter of goods and services between the two countries.

Mohammad Ali Dehghan Dehnavi, head of the Trade Promotion Organization of Iran (TPO) signed the document during a visit to Yerevan on Tuesday.

The barter mechanism is seen as a strategic solution to navigate the challenges posed by Western sanctions. The agreement aims to facilitate trade processes between the two nations, allowing them to bypass restrictions.

Iran’s trade attaché in Armenia, Sepideh Akbarpour Tajrishi, said both parties will introduce companies to act as operators within three months.

These companies will then compile lists of goods eligible for barter and work to implement the agreement, she added.

Tajrishi said that the TPO will be responsible for selecting the operator companies and overseeing the execution of the deal.

Iran, Armenia stress expanding mineral-industrial coop.

Also, officials from Iran and Republic of Armenia emphasized the need to enhance and expand cooperation in the fields of mining and mineral industry.

In a joint meeting held between Iran’s Ministry of Industry, Mine and Trade Mohammad Atabak and minister of Territorial Administration and Infrastructure of the Republic of Armenia, the two sides stressed the need to expand industrial-mineral cooperation between the two countries as well as removal of the logistics barriers facing the economic activists of the two states.

During his visit to the Armenian capital of Yerevan for participating in the Eurasian Economic Union (EAEU) Economic Summit, Iranian minister of industry met and held talks with the trade officials of Armenia and EAEU Summit.

Iran’s minister of industry pointed to the unique industrial and production capacities of Iran in various fields and noted that Iran is interested in having an active presence in Armenia’s infrastructural projects as well as transferring the technical know-how in the fields of mining and mineral industries.

Atabak invited Armenian minister of infrastructure to attend Iran Mining and Mineral Industries Exhibition in coming month and voiced Iran’s public and private sectors’ readiness to participate in various industrial and mineral projects of Armenia.

The minister of Territorial Administration and Infrastructure of the Republic of Armenia, for his part, said that his country attaches great importance to its relations with the Islamic Republic of Iran in all fields.