Sargsyan: Armenia’s membership in EEU promising

Armenia became a full-fledged member of the EEU on January 2, 2015. 

“The outlook is promising, otherwise we would not have made such a decision,” the president said. According to Sargsyan, becoming part of the 170-million market is a good achievement for a small country like Armenia. The EEU operations based on universal, transparent and civilized rules will help increase prosperity in the country, Sargsyan said in his interview to Rossiya 24 TV channel. 

Progress can be made if all parties do their best, and if there is mutual trust and respect for sovereignty, the president said. 

“I am convinced Armenia has made the right choice, and, I am sure, there would be many more difficulties in any other circumstances,” Armenia’s president said. Even without EEU membership, the problems in the Russian economy would affect the economic situation in Armenia, he said. 

Three main factors should be taken into account, according to the president. 

First, Armenian agricultural products are sold mainly in the Russian market, and the ruble depreciation that affects the Russian population, causes problems also to Armenian producers, the president said. 

Second, many Armenian citizens or ethnic Armenians work in Russia and transfer money to their families in Armenia: the value of these remittances almost halved, Sargsyan said. 

And, the third, Russia is the main investor in Armenia’s economy, which means, problems faced by Russian investors lead to problems in the country, he said. 

Yet, movement of goods, capital and labor force became easier after Armenia joined the EEU, Sargsyan said. 

According to the National Statistical Service, private transfers from Russia to Armenia through the banking system fell by $172.4 million to about $1,434.2 million. –0—