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Official News

Tuesday, 20 February 2018

Trade turnover between Armenia and Russia 26.1% up in 2017: Armenian-Russian Intergovernmental Commission on Economic Cooperation Holds 18th Session

The 18th session of the Armenian-Russian Intergovernmental Commission on Economic Cooperation was held today in the the Office of Government, presided at Commission Co-Chairs, RA Prime Minister Karen Karapetyan and RF Transport Minister Maxim Sokolov.

Prime Minister Karapetyan underscored with satisfaction that the sides had implemented in practice what was planned for 2017. “Growth has been recorded in all indicators. In a private meeting with Maxim Sokolov we outlined the potential development points and the ways of diversifying our relations. According to our data, the Armenian-Russian trade turnover increased by 26.1% in 2017: exports from Armenia - by 44.6%, and imports - by 19.1%,” Karen Karapetyan said.

With reference to Armenia’s economic indicators, the Prime Minister stressed that in 2017 economic activity grew by 7.7%, foreign trade turnover - 26.9%, exports - 25.2%, imports - 27.8%, services - 14.4%, industry - 12.6 percent, inflation - 2.6 percent.

“In January 2018 as compared to the same period last year, economic activity grew by 10.2%, industry - 13.9%, construction - 19.7%, foreign trade turnover - 47.6%, exports - 45.2%, imports - 48.9%, services - 15.5%. On this very good development trend, we are interested in our Russian partners’ participation in it,” the head of the Armenian government noted, stressing that the intergovernmental commission is one of the most important platforms for the Armenian-Russian bilateral cooperation. The Prime Minister advised that they had agreed with Maxim Sokolov to appoint persons responsible for the promotion of the ongoing programs.

“Being a small market, Armenia can attract our partners, investors owing to the fact that as an EAEU-member State, it has privileged access to the 180 million-strong Eurasian marketplace. An important topic of the discussion was the Free Economic Zone of Meghri as seen from the perspective of the Free Trade Agreement to be signed between the EAEU and Iran. I think it may become a special platform,” Karen Karapetyan said, highlighting the importance Russian capital’s involvement in the free economic zone.

According to the Prime Minister, the public-private sector partnership may arouse great interest to different projects in the construction sector, particularly in road construction, reservoir construction and other areas. Karen Karapetyan noted that he sees great potential for implementation of Russian-Armenian Investment Fund-supported projects, substitution of Russian imports and leasing of agricultural machinery.

“Considering the opportunities stemming from the GSP+ trade regime with the EU and the GSP arrangements signed with the USA, Canada, Japan, Switzerland and Norway, we can provide favorable conditions for Russian capital’s involvement in Armenia, Karen Karapetyan pointed out.

Russian Transport Minister, Co-Chair of Russian-Armenian Intergovernmental Commission on Economic Cooperation Maxim Sokolov thanked Prime Minister Karen Karapetyan for giving a constructive assessment to the work done within the framework of the Commission. He noted that numerous meetings had been held in both bilateral and multilateral formats since the Commission’s latest meeting in July, 2016.

“Our interactions have always been at a high level, and we can state that it has reached a new level, reflected in the economic indicators. In positive terms, our bilateral commodity turnover has reached a record high of over USD 1,700 million. It is gratifying that either the supply of Armenian products to the Russian market is growing quite rapidly. According to our estimates, it grew by more than one third during the past year against 2016. This can be attributed not only to the sustainable development of Russian and Armenian economies, but also to the integration in the frame of the Eurasian Economic Union,” Maxim Sokolov underscored.

The RF Minister of Transport agreed with the Prime Minister of Armenia that by joining the EAEU, Armenia had the opportunity to enter a more than 180 million-strong marketplace which guarantees free movement of goods, absence of customs control, uniform sanitary, phytosanitary and veterinary regulations.

“All of this, together with the efforts made by the Armenian government, may create good preconditions for increased flow of foreign direct investments into Armenia, and we can already see the interest of the Russian capital. Today’s meeting features our partners who plan to develop programs in road construction, public-private sector partnership, information technologies and in all other areas of mutual interest. We can specifically see great interest in those areas specified by you,” the RF Minister of Transport noted.

The meeting heard and took note of the reports made by the responsible secretaries on both sides on the implementation of the protocol of the previous session of the intergovernmental commission on economic cooperation between Armenia and Russia.

Reference was made to the furtherance of cooperation in energy, transport, industry, tourism, aviation, including the development of small aviation, the provision of the fifth degree of freedom to Russian air carriers, the planned Armenian-Russian interregional forum and other topics.

Prime Minister Karen Karapetyan and Russian Transport Minister Maxim Sokolov held private talks in the framework of the intergovernmental commission on economic cooperation between the Republic of Armenia and the Russian Federation. Discussing a number of issues related to the Armenian-Russian cooperation agenda, the parties stressed the need for continued improvement of bilateral trade and economic exchanges and trade turnover. In this context, they made a point of the activities of the Armenian-Russian intergovernmental commission on economic cooperation and regular meetings.

April 2024