Armenia's trade turnover with EEU countries in January-October exceeded $11bn. - Ministry of Economy

YEREVAN, 16 December. /ARKA/. Armenia's trade with Eurasian Economic Union’s (EEU) member states exceeded the threshold of $11 billion in the first 10 months of 2024, against $3.4 billion for the whole of 2023, Armenian Deputy Economy Minister Narek Hovakimyan said on Monday.

‘This is quite a good result, the bulk of Armenian exports are wines, brandy, agricultural, as well as industrial and technological products,’ Hovakimyan noted during a discussion on “10 Years in the Eurasian Economic Union: results and prospects” in the Armenian parliament.

Besides, according to him, it was also possible to establish and develop in Armenia production of textile, which is in great demand, in particular, in Russia.

The deputy minister pointed out that the EEU accounts for about 50 per cent of Armenian exports.

‘By joining the EEU, Armenia has entered a market with more than 185 million consumers. This means more opportunities for Armenian producers, exporters, more opportunities for the development of various sectors of the economy,’ Hovakimyan said.

The Deputy Minister added that negotiations are underway with the UAE to conclude an agreement on economic cooperation with the EEU, and negotiations with Mongolia are at the stage of completion.

According to the Armenian National Statistical Service, Armenia's foreign trade turnover in January-October 2024 compared to the same period of 2023 increased by 67.6% and exceeded $26.2 billion. The largest foreign trade partners were Russia (more than $10.8 billion, 91.4% growth), UAE (more than $4.9 billion, 5.6 times growth) and China (more than $2.3 billion, 35.5% growth).-0-