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Official News

Friday, 2 February 2018

“EAEU-Armenia trade turnover about 25% up in 2017” - PM Attends Eurasian Intergovernmental Council Meeting

Led by Prime Minister Karen Karapetyan, the RA government delegation attended narrow-format and extended meetings of the Eurasian Intergovernmental Council in Almaty, Kazakhstan.

Addressing the event, Karen Karapetyan thanked the Kazakh side and the Head of Kazakh government for the warm reception and high-level meeting.

With reference to the development of integration processes within the EAEU, Karen Karapetyan stated in part. “This is our first meeting this year, during which the presidency will be implemented by our Russian partners, and the Armenian side is prepared to actively cooperate with the chair country and all member States in a bid to promote the Eurasian integration.

I should note that at the narrow panel session, we identified the conceptual points of today’s agenda. Now, I would like to briefly focus on the following issues.

The Commission has analyzed in detail the macroeconomic situation in our countries in terms of promoting mutual trade and sustainable economic development, and highlighting the proposals on cooperative advancement.

In fact, in January-November, 2017, Armenia’s trade turnover with EAEU-member States increased by about 25% as compared to the same period in 2016. According to our forecast, we may boast higher figures this year.

In the same period, Armenia’s exports to the EAEU market increased by 40.4 percent, while imports rose by 18.9 percent. Compared with the previous year, our economic activity index is 7.7 percent, and we expect that the GDP growth will be about the same level.

I think not only should this tendency be strengthened, but also we should continue making efforts to reach a wider industrial co-operation, focusing on joint innovative projects.

It is also important to keep focus on the work aimed at removing barriers to the common market, provide the necessary prerequisites for doing business under common rules of healthy competition and make efficient use of logistics and transport communications.

Here, we talked about the expansion of markets and, in that context, I would like to inform you that at the end of last year, a free economic zone was commissioned in Meghri on the Armenian-Iranian border. We believe that the free economic zone is a good platform for those EAEU-based business entities interested in entering the Iranian market.

We are very open in this respect, and we are ready to cooperate not only in terms of bringing investments to the free economic zone, but also in terms of joint investment opportunities. We expect that the multiplier effect inherent in the free economic zone will give new impetus to the development of our economies.”

During the narrow format meeting, the Prime Ministers discussed issues related to EAEU’s digital agenda and the member States’ commitments assumed with regard to their domestic markets.

The extended meeting focused on issues related to macroeconomic situation and sustainable economic development, mutual trade, industry and agro-industry, as well as the relationships arising from workers’ retirement pensions.

A number of documents were signed following the meeting. It was decided to hold the Eurasian Intergovernmental Council’s next meeting in April in the Russian Federation.

July 2022