Prospects of Armenia's accession to the Eurasian Economic Union (EEU) are good. Otherwise Yerevan would not adopt such a decision, President of Armenia Serzh Sargsyan said in an interview with Russia 24 TV.
He said Armenia has joined a 170 million-strong market. The EEU is functioning on the basis of universal and transparent rules, which will just help to improve the life in Armenia, the president said. "I am sure Armenia did the right choice. In any other circumstances, the difficulties we are facing today would be much heavier," Serzh Sargsyan said pointing at the interconnectedness of the EEU economies. "If the Russian economy faced problems, it cannot but affect the economy of Armenia. I am speaking about the three factors Yerevan cannot avoid. Most of the agricultural produce is exported to toe EEU countries, first of all, to the Russian market. The revaluation of the Russian ruble has led to problems for the commodity producers of Armenia. Many Armenians residing in the Russian Federation make transfers to Armenia to support their families and relatives. Although the transfers increased by 13%, their forex value has nearly halved. In addition, the Russian Federation is the key investor in economy of Armenia and problems in Russia affect the economy of Armenia. Accessing the EEU, we have removed the hindrances the country faced earlier. Now, it is much easier to organize movement of goods, capital and labor force," Serzh Sargsyan said.
Armenia became a full member of the EEU on Jan 2, 2015. Its share in distributed customs duties from imports to the EEU is 1.13%. By preliminary data, Armenia will receive about $250 million in 2015. EEU customs taxes on a range of goods, particularly, cars, drugs and essential goods, will be applied in Armenia in a year after the accession.
The aggregate volume of economy of the EAEU member states is more than $2 trillion and the total industrial output of the three countries amounts to $1.5 trillion. The prospect of the integration effect in terms of the aggregate GDP growth may total about $900 billion by 2030. The agreement takes into account the principles of sovereign equality of the parties and their territorial integrity, as well as the national interests of the EAEU member states. The agreement implies freedom of movement of commodities, services, capital and workforce, implementation of coordinated or single policy in economic sectors stipulated by the given agreement and international agreements within the EAEU.