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Armenia Joining Eurasian Economic Union to Open New Perspectives for Economy: Ministry

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Joining the Eurasian Economic Union (EEU) will open up new perspectives for the Armenian economy, Deputy Economy Minister of Armenia Sergey Avetisyan said Thursday in the Armenian parliament at a visiting session of the budgetary control committee of the Interparliamentary Assembly of Member Nations of the Commonwealth of Independent States (IPA CIS).

YEREVAN, October 9 (RIA Novosti) - Joining the Eurasian Economic Union (EEU) will open up new perspectives for the Armenian economy, Deputy Economy Minister of Armenia Sergey Avetisyan said Thursday in the Armenian parliament at a visiting session of the budgetary control committee of the Interparliamentary Assembly of Member Nations of the Commonwealth of Independent States (IPA CIS).

The deputy minister expressed hope that in the near future new perspectives for the economic development of Armenia will appear as a result of the forthcoming membership in the EEU.

In his report Avetisyan presented the current state of the economy and planned measures in this area. "Armenian foreign economy policy is aimed at liberalizing trade procedures and attracting foreign investments," he said.

The treaty on the establishment of the Eurasian Economic Union was signed by Russian President Vladimir Putin, Kazakh President Nursultan Nazarbayev and Belarusian President Alexander Lukashenko on May 29, 2014 in Astana, Kazakhstan. The republics of Armenia, Kyrgyzstan and Tajikistan have expressed interest in joining the organization.

The treaty has been in development since November 2011 and will come into force on January 1, 2015. The agreement is based on the provisions of the contractual legal framework of the Customs Union and Common Economic Space that were improved to comply with the rules of the World Trade Organization.

On October 3, Russian President Vladimir Putin said that the process of Armenia’s accession to the Eurasian Economic Union is about to be completed.

Tags:
economy, Eurasian Economic Union, Armenia
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