Economic integration

Pashinyan supports closer economic “integration” with Russia

MOSCOW (RFE / RL) – Armenia has pledged to further deepen its trade relations with Russia, its main ally and trade partner, Prime Minister Nikol Pashinyan said on Tuesday (October 19th).

“The Russian Federation not only plays a key role in maintaining peace and stability in our region, but also occupies a central place in the economy of our country,” Pashinyan said in a speech at the event. a Russian-Armenian interregional conference held in Yerevan.

“We must improve our economic relations so as to foster the development of competitive industries in our countries,” he told government officials and businessmen from the two states attending the forum. “In this context, we consider as important the further mutual integration of our economies, which must be based on the free movement of goods, services, labor and capital. The [Russian-led] The Eurasian Economic Union serves this strategic objective. ”

Bilateral trade relations should be diversified to cover knowledge-based sectors of the Russian and Armenian economies, Pashinyan added.

According to data from the Armenian government, Russian-Armenian trade increased by almost 12% in the first eight months of this year, to $ 1.54 billion, after declining by 4% in 2020 due to the pandemic. coronavirus. Russia thus remained Armenia’s largest trading partner, accounting for around 31 percent of its overall foreign trade, against 20.2 percent of the European Union’s share of the total.

Russian Deputy Minister of Economic Development Dmitry Volvach hailed the resumption of bilateral trade growth when he spoke to reporters at the Yerevan forum.