Iran and Armenia have agreed to build up bilateral cooperation in the sphere of regional security and stability, presidents Mohammad Hatami of Iran and Robert Kocharyan of Armenia said at a joint press conference in Teheran in the evening of December 25th. According to Mr Hatami, bilateral relations are noted "for a very good level of understanding and have been progressing consistently in different spheres. The potential of their development is far from being exhausted," said the Iranian president. His Armenian counterpart pointed to the need to raise trade and economic relations to a higher level, because their current standards are way below those of political relations between Iran and Armenia. On Tuesday Robert Kocharyan arrived in Teheran for a three-day visit at the invitation of the president of Iran. The agenda of his visit includes talks and consultations on bilateral relations and exchange of opinions on international and regional issues. Armenian diplomats in Iran say the sides intend to sign a memorandum on understanding and several trade and economic treaties and agreements.