Armenia’s ‘Crossroads of Peace’ initiative holds strategic significance — EEC trade minister’s office

Armenia’s “Crossroads of Peace” transport initiative has strategic significance, the Eurasian Economic Commission (EEC) Trade Department said in response to a query from Armenpress.

“We expect the implementation of the Crossroads of Peace project to significantly strengthen Armenia’s role in the greater Eurasia territory, especially through expansion of transport corridors and increase of transit potential. Diversification of transport connections in the South Caucasus will have positive impact not only on the region’s transport system but the development of trade relations between the EEU and third countries, including Iran,” the statement read.

The EEC trade minister’s office noted that the Iranian government has also officially endorsed the project, underscoring the dynamically developing cooperation between EEU member states and Iran.

“We are approaching the final stage of the full taking effect of the EEU-Iran free trade agreement. It was signed in December 2023 and it is expected to take effect in May this year. We are convinced that the implementation of this agreement will significantly boost trade development because it will allow to more effectively utilize the existing trade potential. We’ve achieved significant results within the framework of the agreement with Iran in the liberalization of the free trade mode’s customs duties, and more than 90% of goods will be free of customs duties,” the office added.