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The agreement on formation of a free trade zone between the Eurasian Economic Union (EAEU) and Iran will open up new opportunities for Armenia and Iran, the minister of economic development and investments Tigran Khachatryan told reporters on Monday.

As the minister detailed, number of organisations operating in the territory of EAEU, including in Armenia, will have simplified access to the Iranian market. The agreement will also provide an opportunity for the Iranian exporters as the Armenian, Russian, Belarusian and Kazakh markets are of major interest amid the economic situation of the Islamic Republic.

Minister Khachatryan reminded that Armenia has no privileged trade agreement with Iran “This will be our first privileged trade agreement with the neighboring country,” added the minister, pointing out that some 300 goods will have preferential rates of customs duties.

Asked about the sanctions imposed on Iran, the minister said those refer to specific areas of trade. “The sanctions are temporary, while the agreement is of long-term nature. The agreement has been signed by five countries and ratified by three of them. Armenia is set to ratify it soon. It will give us an opportunity to export goods manufactured in Armenia to Iran with reduced tariffs and non-tariff barriers,” the minister explained.