Armenia maintains the pace of its integration development within the EAEU

09 July 2020

Moscow, 9 July 2020. Armenia has maintained the pace of its integration development within the Eurasian Economic Union (EAEU). This finding is presented in the report entitled Main Tendencies in Armenia’s Integration Development in 2019 prepared by the the Eurasian Development Bank’s (EDB) Centre for Integration Studies.

The socioeconomic situation in Armenia stabilised in 2019, and significant progress was achieved in the country’s development compared to 2018. Moody’s and Fitch upgraded Armenia’s ratings accordingly. EAEU countries have intensified their role in the country’s foreign trade and strengthened their financial ties with it.

In 2019, the share of food products and agricultural raw materials increased in the structure of Armenian supplies to EAEU countries, as did the share of mineral products in imports. The stable positive dynamics of exports to the EAEU was ensured primarily by stronger corporate interaction with these countries, which allowed expanding foreign markets for Armenian enterprises, the light industry in the first place. The growth of Armenia’s exports to EAEU countries was the highest among Union counties over the period.

Remittances from abroad continue to support consumer and investment demand in Armenia and help to improve its balance of payments. The amount of remittances increased in 2019, driven by resumed transfers from Russia in the second half of the year. The net inflow of investments from Russia also recovered by the end of the year. Financial support in the form of borrowings from EAEU countries strengthened.

Armenia’s chairmanship of the EAEU in 2019 was very productive in terms of expanding foreign economic relations of Union countries. Trade and economic agreements with China and Iran took effect and free trade agreements were signed with Serbia and Singapore.

Cooperation with EAEU countries, especially Russia, intensified. Armenian enterprises were included in the single list of industrial associations ready to participate in joint projects for the manufacture of products for rail transport.

The full version of the report is available on the EDB’s website

Additional Information: 

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. 

The EDB Media Centre: 

Alexander Savelyev +7 (985) 765 23 59 (Moscow)  

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

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