Armenia’s trade turnover with the EAEU has surpassed $11 billion in the first 10 months
Armenia’s trade turnover with the EAEU has surpassed $11 billion in the first 10 months. This was announced by the Deputy Minister of Economy, Narek Hovakimyan. He noted that when Armenia joined the EAEU in October 2014, exports to EAEU countries amounted to $300 million. This figure has increased about 35 times over the 10 years.
According to the Deputy Minister, Armenia’s main exports to EAEU member states include wines, brandy, agricultural products, and industrial and technological goods. Hovakimyan added that, thanks to EAEU membership, Armenia has been able to develop its textile industry. Which is in high demand, especially in Russia.
It is also worth mentioning that Armenia has held the presidency of the Eurasian Economic Union (EAEU) since January 1 this year for a one-year term. It was expected that the EAEU summit would take place in Yerevan, but in December, Prime Minister Nikol Pashinyan stated that it was deemed inappropriate to hold the EAEU event in Armenia because not all members of the EAEU’s Supreme Economic Council were favorable toward Armenia. The Eurasian Economic Union is an international integration economic union that has been operating since January 1, 2015. Its members include Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
It was also noted that at the EAEU Supreme Council meeting held in Moscow on May 8 of this year, it was decided that the next meeting would be held in Saint Petersburg. In 2025, the right to preside over the EAEU will be transferred to Belarus.