YEREVAN, September 26. / ARKA /. According to preliminary estimates, two years after Armenia's accession to the Customs Union, its GDP will be increasing by 4-4.5 % annually, according to Yevgeny Vinokurov, who is the director of the Center for Integration Studies of the Eurasian Development Bank.
"First of all, Russia will abolish gas export duties for Armenia that will translate into $140 million of economic effect a year. Second, Russia will eliminate export duties on rough diamonds - 6.5 %- for Armenia,” he said during Moscow - Yerevan video news conference.
According to Vinokourov, the accession will also have a beneficial impact on Armenian migrant labors in Russia as it will increase the amount of transfers they send home as Russia would abolish quotas and licenses for them.
Out of $1.7 billion non-commercial remittances sent t Armenia last year, $1.4 billion came from Russia, more than 85 % of all transfers or round 15% of Armenia’s GDP, Vinokurov said.
Viktor Spassky, director of the Department of Integration of the Eurasian Economic Commission, claimed that as much Armenian migrant labors took home in their pockets.
According to Central Bank of Armenia, $1.687.2 billion, or about 17 % of Armenia’s GDP were remitted to Armenia in 2012 as non-commercial transfers, a 9 % rise form 2011.
At the same time, Armenia's trade with Russia increased last year by 20 %. Moreover, more than 45 % of direct investments in Armenia are from Russia. There are also Kazakh investments in Armenian banking sector and Belarus investments in trade.
Armenia’s Gross Domestic Product at market prices last year amounted to almost 4 trillion drams, resulting in a 7.2 percent economic expansion.-0-