Trade Promotion Organization of Iran (TPOI) said Armenia has announced that it will replace 2,250 Turkish products with Iranian goods in reaction to the recent tensions between the two countries.
Yerevan has suspended the import of Turkish goods for six months in reaction to Ankara’s military support for the Republic of Azerbaijan in the recent conflict in the region.
This ban was adopted on October 20, 2020, and was put into effect on January 1, 2021.
Armenian Ministry of Economy has said that Yerevan is able to compensate for the shortage of Turkish goods from countries like Iran, Belarus, Russia, and China.
In relevant remarks last month, Iranian Ambassador to Armenia Abbas Zohouri said that the two countries' senior officials are resolved to further expand bilateral relations, adding that Armenian economy minister is planning to pay a visit to Tehran in early 2021.
Zohuri made the remarks while addressing a virtual conference on the capacity of the development of Iran-Armenia economic cooperation
He pointed out that a high-level economic delegation of Armenian companies and economic activists are scheduled to travel to Tehran.
The Iranian ambassador said that Armenia is one of the key markets for the import and exchange of goods between Iran and Eurasian countries in terms of having a land border with Iran.
Iran-Armenia trade at $100m in Q1 2020
The commercial exchange between Iran and Armenia between January and April 2020 stood at $101.06 million to register a 0.37% decline compared to the corresponding period in 2019.
Latest data released by the Statistical Committee of Armenia shows that Iran exported $73.18 million worth of goods to the country during the four months to April 30, indicating a 12.43% year-on-year decrease.
The map chows the location of Nordooz border crossing between Iran and Armenia.
Imports from Armenia stood at $27.88 million in the four months, up by 56.02% YOY.
A total of $73.22 million worth of commodities were reexported from Iran to Armenia during the same period, down 12.91% YOY.
Iran resumed exports to its neighboring country in a limited quantity via Nordooz border crossing since early April 2020 despite the outbreak of the coronavirus.
Iran-Armenia trade amounted to $408.77 million in 2019, registering a 12.44% rise compared to the year before.