Trade with its neighbor Armenia, Iran, will increase following the lifting of international economic sanctions against the Islamic Republic, proclaimed yesterday the Deputy Prime Minister Vache Gabrielian.

Gabrielian said that governments and business communities of both countries are already exploring new economic opportunities arising from the important international agreement of last year on Iran’s nuclear program.

“But we are still in the initial phase of this work, he said. I can not cite agreements at the moment, but there are many Iranian businessmen to visit Armenia and many of our businessmen have gone there. “

Gabrielian noted in this regard the importance of the delegation of Armenian entrepreneurs who visited Tehran late last year on a trip organized by the Armenian Ministry of Economy.

According to the National Statistical Service of Armenia (NSS), the total volume of Armenian-Iranian trade fell by more than 5% to $ 250 million between January and November 2015. This figure represents less than 6% the overall foreign trade of Armenia.

The data service of Armenian customs show, in turn, that bilateral trade mainly to the gas and electricity.

Electricity exports are expected to increase dramatically after the construction of a third and most powerful transmission line connecting the power grids of the two countries.

Armenian and Iranian governments the signed final agreement on the construction of the power line in August, a month after Iran signed the nuclear deal with the United States and other world powers. Its construction should be completed by 2018.

Armenian officials also hope that the easing of sanctions will allow Tehran to finance the proposed construction of a large hydroelectric plant on the Armenian-Iranian border.

The Armenian Minister of Transport Gagik Beglaryan, visited Iran and met his first vice president, Eshaq Jahangiri last week for talks that would have affected the transit of goods between the two countries.

In a phone call this weekend with his Armenian counterpart Serzh Sargsyan, Iranian President Hassan Rohani said the two countries should “spare no effort to connect the ports of the Black Sea and the Persian Gulf.”