Armenia’s membership in customs union will help it avoid many factors limiting its development- prime minister says

YEREVAN, October 18, / ARKA / . Armenia's accession to the Russia-led Customs Union will help it avoid many factors limiting its development, according to Prime Minister of Armenia Tigran Sargsyan, who spoke at a media forum titled "At the Foot of Mount Ararat” that kicked off today in Yerevan.

"We decided to enter the Customs Union because it gives us the opportunity to build our strategic relationship with Russia on a more fundamental platform; it also allows to remove many constraints that may arise if Armenia appeared outside of the Customs Union," said Sargsyan.

The Prime Minister explained that Armenia’s geopolitical situation gives this issue a special significance in contrast to other countries.

"We have four neighbors, with two of them - Turkey and Azerbaijan - we have no relations, and the international sanctions against Iran have intensified Armenia’s blockade. The only road that connects us with the world is through Georgia,” he said.

According to him, this geopolitical situation leaves its mark on the structure of Armenia’s economy.

"Many industries have become hopeless, because we do not have a common border with Russia, our main strategic partner and a major investor. This means that we must properly assess the comparative advantages of our economy and the long-term limiting factors affecting its structure, " he said.

He said this in mind Armenia is building a new structure of its economy, "which first of all should be based on the use of intellectual resources.”

Sargsyan said also that Armenia's joining the Customs Union will have a positive impact on its national security and will also promote deepening of the Armenian- Russian cultural relations. -0-