TEHRAN: Iran and Armenia have decided to boost up their economic relations and signed a memorandum of understanding to enhance cooperation in the fields of energy, finance, telecommunications, transportation, and agriculture.
Iranian Energy Minister Hamid Chitchian and Armenian Energy and Natural Resources Minister Yervand Zakharyan signed the MOU at the end of the 12th meeting of the Iran-Armenia Joint Economic Commission, which was held from December 15 to 16 in Tehran, the Tasnim news agency reported on Wednesday.
According to the MOU, Iran and Armenia agreed to start work for the establishment of the third power transmission line between the two countries in March 2015.
The two countries also agreed to complete and inaugurate the Meghri hydroelectric dam, which is currently under construction on the Aras River on the Armenia–Iran border, by late 2015 or early 2016.
Armenia was the 28th biggest importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2014, according to the Iran Customs Administration.
Iran exported $105.6 million of non-oil goods to Armenia and imported $28.9 million of non-oil goods from the country from March 2013 to March 2014.
