Iran and Armenia are expected to create a free economic trade zone. Armenia’s Minister of Economy, Artsvik Minasyan, stated that this is going to expand relations between Iran and the Eurasian Economic Union (EEU), adding that production and the export of goods would be carried out from the zone, reported PressTV.
Currently, Iran is exporting natural gas to Armenia in exchange for electricity imports. Armenia receives nearly 1mcm/d of gas from Iran. Tehran has previously stated that this volume could increase to as high as 6mcm/d, according to Iran Daily.
Based on the free trade economic zone, the goods produced in the two countries will also enjoy preferential trade regimes as Armenia has established with the European Union, United States, Canada, Switzerland, and Japan.
Accordingly, Iran and Armenia have lifted their visa requirements. Thus, Iranians and Armenians can cross each others borders and stay without a visa for a maximum of 90 days.