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Armenia’s Ministry of Economy and Iranian Ministry of Roads and Urban Development have signed a Memorandum of Understanding, Arka reported.

The document was signed by Armenia’s Acting Minister of Economy Vahan Kerobyan and Iranian Minister of Roads and Urban Development Mohammad Eslami.

According to the press service of the Ministry of Economy, the document provides for the creation of a joint working group that will study the procedures, which impede trade and economic relations between the countries and make proposals for their elimination.

Kerobyan was said to have expressed hope that the agreements reached would help give a new impetus to bilateral trade and transit cargo transportation.

Kerobyan said that the Armenian side is interested in expanding mutually beneficial cooperation and trade and economic relations with Iran.

In turn, Eslami confirmed the readiness of the Iranian side to deepen economic ties with Armenia, expressing confidence that the great potential of cooperation between the countries can be realized by involving the Armenian-Iranian companies in joint programs.