Armenia has untapped export opportunities within Eurasian Economic Union

_ Tigran Khachatryan, Minister of Economic Development and Investments of Armenia. Yerevan, 3 May 2019.

Armenia has untapped export opportunities in the territories of the Eurasian Economic Union (EAEU).

Touching upon the matter of raising customs duties for several goods that are imported into Armenia from third countries, I would like to note that with accession to the EAEU—which comprises Armenia, Russia, Belarus, Kazakhstan, and Kyrgyzstan—Armenia had taken a transitional period for the increase of customs duties on many products, but they will end one day.

And the economy of Armenia should take that into account and rearrange. We believe that export is one of the first matters, and we  have a huge untapped opportunity for exports in the EAEU territories themselves. Its benefit is that Armenia exports goods to the countries of that territory without the application of customs duties.

Such opportunities are created also as a result of the implementation of those free-trade agreements that are negotiated and signed with other countries and international organizations. The united power of the EAEU to achieve favorable trade conditions is greater than Armenia would have if it were to negotiate separately.

Even though the increase in tariff rates in case of imports from third countries may negatively affect the living standards of Armenia’s residents, this also gives them an opportunity to produce more and sell more.

Source: https://news.am/

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