YEREVAN, Feb. 27 (Xinhua) -- Armenia and Iran on Tuesday pledged to tap their bilateral cooperation potential in trade, economic relations and specifically energy.

"Armenia and Iran have not been utilizing the full potential of their cooperation," Armenian Minister of Energy Infrastructures and Natural Resources Ashot Manukyan said at the 15th meeting of the Armenia-Iran Intergovernmental Commission held in Yerevan, reported local News.am Agency.

Despite the current good relations between Armenia and Iran and the high trade turnover between the two nations, which in 2017 amounted to 363 million U.S. dollars, Manukyan believed that enhancing trade and economic relations still requires more efforts.

Iranian Energy Minister Reza Ardakanian agreed with his Armenian counterpart.

"I am confident that the implementation of joint projects in the field of energy, particularly the construction of the third power transmission line between Armenia and Iran and also the hydropower plant in Meghri, would facilitate the development of business relations," the Iranian minister was quoted as saying by News.am.

Armenia and Iran have a long history of cooperation in the energy sector with Armenia providing electricity in return for natural gas. The economic blockade imposed on Armenia by Turkey and Azerbaijan have left Armenia's other two neighbors, Iran and Georgia, as Armenia's only two land routes to the outside world.