The president of Armenia's Chamber of Commerce and Industry said that establishing the Iran-EAEU trade office in Yerevan is a serious measure for expanding trade ties between Iran and Eurasian Economic Union (EAEU), Mehr News Agency reports.

Martin Sargsyan said Yerevan is ready to invest $1 million in the establishing of the Iran-EAEU trade office in Armenia.

Sargsyan made the remarks at a meeting with Gholam-Hossein Shafeie, the Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) at the place of the chamber in Tehran.

Iranian companies can export their products to the Eurasia market without any customs fees through transferring their production to Armenia, he said.

The Armenian official further invited ICCIMA head to attend the meeting of the chairmen of EAEU member states’ chambers of commerce, to be held in Armenia in May 2020.

The trade agreement between Iran and EAEU officially came into force on October 27.