Armenian Prime Minister Nikol Pashinyan has welcomed the reopening of cargo transit between Armenia and Azerbaijan saying it could open new economic opportunities across the region.

Pashinyan's statement comes after the first oil shipment from Azerbaijan to Armenia arrived in his country after decades of blockage.

Speaking at a meeting of the Supreme Eurasian Economic Council in St Petersburg, Pashinyan said the decision would help strengthen economic ties among members of the Eurasian Economic Union.

“I express my gratitude to the President of the Republic of Azerbaijan for his decision to unblock cargo transit to Armenia through Azerbaijani territory and to create conditions for the commencement of bilateral trade,” he said.

Pashinyan described the move as ‘"one of the first important achievements" in efforts to establish peace and stability in the region.

He said the changes could benefit countries across the wider region by improving economic stability and expanding transport and trade links.

Pashinyan also underlined the need to advance digitalisation and simplify regulatory procedures to ensure equal conditions for economic activity within the bloc.

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The Armenian leader added that expanding cooperation with partners including Iran, the United Arab Emirates, China and India would help diversify foreign trade and strengthen the union’s position in the global economy.

President Ilham Aliyev had earlier in October lifted all transit restrictions to Armenia during a visit to Kazakhstan. 

Aliyev said "I believe this is a clear indication that peace between Azerbaijan and Armenia exists not only on paper but also in practice," while making the announcement. 

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