Armenia wins politically and economically from joining Eurasian economic union - expert

Armenia wins politically and economically from joining Eurasian economic union - expert

YEREVAN, June 5. / ARKA /. According to political analyst Sergey Shakaryants, Armenia will benefit from joining the Eurasian Economic Union both economically and politically. He cited three factors to substantiate his argument – the amount of direct Russian investment in the Armenian economy, sales of Armenia-made goods in Russia and the amount of remittances sent home by Armenian labor migrants in the Russian Federation.

According to him, these three factors make Armenia's membership in the Eurasian Economic Union more beneficial than its integration with European Union. 

"There are also many moral aspects, which make us closer to Russia and other Customs Union member countries than to Europe," he said.

According to Armenia’s National Statistical Service, Russia was the leading country by size of total foreign investment in Armenia’s real sector in January-March this year - about 184.5 billion drams. Of that amount 176.4 billion drams were direct investment.

Remittances from Russia to Armenia in January-April amounted to about $423 million, by almost 7 percent higher year-on-year. Armenia's foreign trade with Russia in January- April 2014 increased by 2.5% from the same time span in 2013 to approximately $429.2 million.

Armenia's exports to Russia amounted to approximately $90.8 million, an increase of 1.9 % and imports to Armenia amounted to $248.3 million, a decrease of 16.6 %. -0-

18:15 05.06.2014

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