Armenia and Russia discuss expansion of trade and economic cooperation

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Economy

20.03.2025, 17:01

Armenian Minister of Economy Gevorg Papoyan, who is on a working visit to Moscow, discussed with Russian Minister of Economic Development Maxim Reshetnikov a set of issues related to the expansion of trade and economic cooperation between the countries.

Armenia and Russia discuss expansion of trade and economic cooperation

YEREVAN, March 20. /ARKA/. Armenian Minister of Economy Gevorg Papoyan, who is on a working visit to Moscow, discussed with Russian Minister of Economic Development Maxim Reshetnikov a set of issues related to the expansion of trade and economic cooperation between the countries.

According to the press service of the Ministry of Economy, Papoyan briefly presented the priorities of Armenia's economic sector, government-designed support tools, investment policy and steps taken to improve the business environment.

Possibilities of increasing tourist flows between Armenia and Russia were discussed. Papoyan noted that the Russian market is one of the main target directions of Armenia, but there is still a big untapped potential between the two countries, which needs to be activated.

Russia is Armenia's major trade partner. According to the latest data of Armstat, in January 2025 the foreign trade turnover between Armenia and Russia amounted to $455.5 million with a decline of 54.8% compared to January 2024.

Exports totaled $166.7 million, down 36.1%, while imports as from the exporting country totaled $297.8 million (down 60.7%). -0-

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