In recent months, Iran has engaged in active foreign policy in the South Caucasus to push its geo-economic interests forward.

Iran’s Finance and Economic Minister headed a delegation to Yerevan in April to meet Armenian officials and negotiate with the Armenian side over trade. The Iranian side argued that there is still great potential for expansion of bilateral cooperation and increasing annual trade between both sides to $1 billion.

The minister said that the Iranian side attaches great importance not only to the development of trade with Armenia but also considers it as a “gateway” to the markets of Russia and other Eurasian Economic Union (EAEU) member countries.