Customs Union membership will help us to improve our living standard as per capita GDP in the Customs Union member states is three times as high as in our country, Armenia's Prime Minister Tigran Sargsyan said at the 2nd Economic Forum of the Republican Party of Armenia "Armenia-Customs Union: Opportunities and Challenges."
He said that the Customs Union offers its members opportunities to develop their economies.
"It also implies free movement of labor forces and lower migration risks. For us it will also mean freer business," Sargsyan said.
One of the key challenges, according to him, is that in Armenia customs duties average 2.4% while in the Customs Union they are three times higher. "This may affect our business and retail prices. So, we are negotiating not to change customs duties for 900 most sensitive goods," the PM said.
He quoted the IMF Resident Representative in Armenia as saying that the Customs Union will give Armenia more pluses than minuses.
"The global crisis has caused serious changes in the EU and has exposed its strong and weak points. So, in our further cooperation with the EU we will focus on institutional reforms. As regards the Customs Union, it has proved its viability. Today Armenia is quickly integrating into the Eurasian economic area as it offers high institutional capacities and lots of potential benefits," Sargsyan said.