The cooperation pact was sealed by Head of Iran’s Customs Administration Massoud Karbasian and Chairman of Armenia's State Revenue Committee Vardan Harutyunyan in Yerevan on Sunday.

According to the agreement, the two countries will promote cooperation on custom regulations, products’ value and classification, enforcing rules and transportation rules.

Both sides discussed challenges and cross-border trade opportunities and the ways to foster trade relations

Upon implementation of all provisions of the newly-signed protocol, all information, requests as well as customs and trade documents between Iran and Armenia need to be provided in accordance with national laws of both sides.

As per the agreement, every three months as well as on an annual basis, the two parties will exchange customs statistics data on bilateral trade turnover.

The cooperation pact will provide the necessary grounds for facilitating and expanding trade between Tehran and Yerevan as will also open a new chapter in trade relations, which will in turn, elevate bilateral economic ties between the two countries.

Export the Islamic Republic of Iran to Armenia amounted to $179.103 million in the previous Iranian calendar year (ended March 21) and Iran’s imports from Armenia during the same period stood at $20.892 million.