Armenia’s GDP to grow four or five percent shortly after it joins Customs Union

Armenia’s GDP to grow four or five percent shortly after it joins Customs Union

YEREVAN, June 9. /ARKA/. Karen Asoyan, Armenia’s commercial representative in Russia, is convinced that Armenia’s GDP will grow four or five percent shortly after the country joins the Customs Union. 

Speaking Saturday at the conference organized by Armenia’s Commerce and Industry Chamber for discussing Armenia’s future CU membership advantages, he said that the union’s average per-capita GDP 3.5 to 4 times higher than Armenia’s.     

In his words, the analysis of Armenia’s trade turnover with CIS member countries shows that it has been continuously growing since 2009 and now makes up more than 30% of Armenia’s total trade turnover. 
Asoyan said that the trade with Customs Union countries has a major share here – almost 27%. 

“Russia is Armenia’s largest trade partner, but Armenia is building up its exports to other CU member countries,” he said. 

He said Armenia’s membership in the Customs Union will improve Armenian goods’ quality, since raw materials will be bought without payment of duties. It means that the quality of exports will improve as well.  

In his opinion, the CU countries will be interested in reaching through Armenia the markets with which Armenia has preferential agreements for exporting goods. In particular, these markets are the European Union (GSP+), the United States, Canada and Japan. “This can attract investors from the CU countries, who will want to build their enterprises in Armenia,” he said.  

Asoyan also pointed out Armenian communities in the CU countries as another reason for joining the union – he said business cooperation with the communities will become easier. 

According to the National Statistical Service of Armenia, Armenia-Russia trade turnover amounted to $214.8 million in Jan-Feb 2014 against $212.5 million in the same period a year before. -0----

17:52 09.06.2014

Comments (0)




 

« December 2014

Mon
Tue
Wed
Thu
Fri
Sat
Sun
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
 
 
 
 
Username:
Password:

Registration
If you are new on the site, please fill out the registration form.

Enter the website you can use your account on any of the following services.

×