Armenia saved $60 million due to membership in EEU
26.02.2018,
16:39
Due to preferential prices for energy resources Armenia receives form Russia and deepening economic integration within the Eurasian Economic Union (EEU) Armenia managed to save $60 million last year on exports to EEU member countries, Ashot Tavadyan, the head of the Department of Economic and Mathematical Methods at the State Economic University of Armenia, told a news conference last Saturday.
YEREVAN, February 26. /ARKA/. Due to preferential prices for energy resources Armenia receives form Russia and deepening economic integration within the Eurasian Economic Union (EEU) Armenia managed to save $60 million last year on exports to EEU member countries, Ashot Tavadyan, the head of the Department of Economic and Mathematical Methods at the State Economic University of Armenia, told a news conference last Saturday.
Tavadyan mentioned that after Armenia’s accession to EEU its exports increased by 50% in two years, which is the most important factor for the country in terms of competitiveness growth.
"We did not have such indicators before. Along with this we should develop relations with the European Union and third countries, in particular, with Iran and China. I believe that our foreign trade policy is on the right track now and the figures prove it," he said.
He recalled that in 2017 Armenia's exports exceeded $2 billion for the first time, adding that it is necessary to use all the opportunities provided by the EEU to increase exports to $3 billion.
According to the National Statistical Service of Armenia, in 2017 Armenia's exports grew to $2.242.9 billion, the highest figure since it gained independence. Exports last year grew by 25.2% year-on-year, the highest indicator for last 5 years. Imports in 2017 recovered to the level of 2011 ($4.14 billion), but did not exceed the figure for 2014 ($4.4 billion). As a result in 2017, Armenia's foreign trade turnover amounted to the record $6.4 billion, an increase of 26.9% from the previous year.
At the same time, Tavadyan noted that there are many shortcomings concerning Armenia's integration into the EEU.
"We have not received the amount of direct investment we expected to arrive, especially, investments in the industrial sector," he said.
He said failure to carry out contracts is another problem hindering stronger cooperation within EEU as well as mutual settlements made in US dollars. He said if Armenia pays for Russian gas deliveries in Russian rubles it will be able to cut the price of natural gas by 30%.
The EEU is an international integration economic association created on the basis of the Customs Union and the Single Economic Space. Armenia joined it on January 2, 2015. Its members are Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. -0-
Tavadyan mentioned that after Armenia’s accession to EEU its exports increased by 50% in two years, which is the most important factor for the country in terms of competitiveness growth.
"We did not have such indicators before. Along with this we should develop relations with the European Union and third countries, in particular, with Iran and China. I believe that our foreign trade policy is on the right track now and the figures prove it," he said.
He recalled that in 2017 Armenia's exports exceeded $2 billion for the first time, adding that it is necessary to use all the opportunities provided by the EEU to increase exports to $3 billion.
According to the National Statistical Service of Armenia, in 2017 Armenia's exports grew to $2.242.9 billion, the highest figure since it gained independence. Exports last year grew by 25.2% year-on-year, the highest indicator for last 5 years. Imports in 2017 recovered to the level of 2011 ($4.14 billion), but did not exceed the figure for 2014 ($4.4 billion). As a result in 2017, Armenia's foreign trade turnover amounted to the record $6.4 billion, an increase of 26.9% from the previous year.
At the same time, Tavadyan noted that there are many shortcomings concerning Armenia's integration into the EEU.
"We have not received the amount of direct investment we expected to arrive, especially, investments in the industrial sector," he said.
He said failure to carry out contracts is another problem hindering stronger cooperation within EEU as well as mutual settlements made in US dollars. He said if Armenia pays for Russian gas deliveries in Russian rubles it will be able to cut the price of natural gas by 30%.
The EEU is an international integration economic association created on the basis of the Customs Union and the Single Economic Space. Armenia joined it on January 2, 2015. Its members are Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. -0-
