Membership in customs union to enable Armenia to boost its own output and increase its GDP – expert

Membership in customs union to enable Armenia to boost its own output and increase its GDP – expert

YEREVAN, February 17. / ARKA /. Membership in the Customs Union of Russia, Kazakhstan and Belarus will enable Armenia to boost its own output and thus increase its GDP without seeking foreign grants and loans, Ashot Tavadyan, a professor at the Armenian State University of Economics, told a news conference today.

He argued that this is the best choice for Armenia now as it provides conditions for the growth of its GDP and improvement of its trade balance.

In his words, Armenia will enjoy all the possibilities offered by the Customs Union, particularly, to receive direct investments in its infrastructure and production, a decrease in energy prices, as well as a better environment for Armenian labor migrants, which altogether could secure a 4 % additional GDP growth. 

Regarding Armenia’s relations with the EU, he said Armenia sells largely raw materials to Europe and will continue to do so. In its turn the EU  will continue to assist Armenia in the fight against corruption , development of  government agencies and organization of elections , he added.

Tavadyan cited the findings of Western experts studies on the effects of free trade zone with the EU on the Armenian economy, which would give it only a 2.3% GDP growth in the long term .

On February 3 the Armenian government made public a “roadmap” to Armenia’s accession to the Customs Union. The 249-page document posted on the government’s website lists 262 administrative and legislative actions concerning 20 areas of government policy. .-0-

16:11 17.02.2014

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