Armenia seeks to diversify exports and eliminate dependence on one market - Ministry of Economy

YEREVAN, July 12. /ARKA/. Armenia seeks to diversify exports and eliminate dependence on one market, Deputy Economy Minister Rafael Gevorgyan said.

Speaking at an awareness-raising event "Export Promotion Tools: Swiss GSP for Armenian Exporters" on Wednesday, Gevorgyan said that diversification of exports with entry into different markets, including European, American and Arab markets, is extremely important for Armenia today.

"At the moment we are at the stage of creating a more comprehensive export strategy to be based on diversification of export markets, as we don't want to depend on any market, as well as diversification of the export basket: we don't want to depend on one type of goods, especially mining products, whose share in the total exports is decreasing," he said.

During the event, Armenian exporters were presented the opportunities provided by the Swiss GSP - a preferential commodity agreement, which gives an opportunity to developing countries, including Armenia, to get extended trade privileges.

Under the system, Switzerland provides partial or full discount on customs privileges for goods exported from developing countries, which stimulates trade development and economic growth.

Among the advantages of the GSP are access to new markets; diversification of export destinations for Armenia; strengthening of economic ties; sectoral opportunities; and stable development.

According to the Armenian Statistical Committee, the country's foreign trade in January-May 2023 amounted to over $7.3 billion, which is 86.9% higher than in January-May 2022. Exports from Armenia rose 93.3% to about $2.7 billion, while imports upped by 83.3% to over $4.6 billion. --0--