The EEC Minister Tatiana Valovaya: "For the first seven months of this year, exports of Armenia to the Eurasian Economic Union states has increased by 70%”
On October 14, 2016 at the plenary session of the first international forum of the Eurasian partnership in Yerevan, the Member of the Board - Minister in charge of the Development of Integration and Macroeconomics of the EEC Tatiana Valovaya said that "for the seven months of this year, exports from Armenia to the territory of the Eurasian Economic Union have increased by 70%."
This comes against the backdrop of a declining turnover of the Member States with third countries.
The EEC Minister noted that the EAEU economic integration is a driver of economic growth and creates economic opportunities for the countries of the Eurasian Economic Union. Tatiana Valovaya specifically emphasized economic indicators of Armenia, which demonstrate very positive dynamics. "They are much better and more positive than the average for the Union, for example, the growth of Armenia's GDP accounted for +2.8%,” said the EEC Minister. “This is significantly higher than the average for the Union. Industrial production growth for the first seven months of this year increased by almost 8% as compared with the same period of last year.” Armenia’s export growth in the EAEU countries correlates with the increase in industrial and agricultural production. "This demonstrates that the business expectations are fulfilled,” noted Tatiana Valovaya.
According to the EEC representative, the Commission knows about certain remaining barriers at the goods market. "We are consistently working to address them. We understand that not only the export of goods is an important element of economic integration. The Armenian business is looking forward to the expansion of the integration in other areas," said the EEC Minister.
Tatiana Valovaya spoke about existing and emerging common markets of the Eurasian Economic Union. At present, half of the services market operates in the mode of the common market. The Commission is also working to create a common financial market to achieve freedom of movement of capital and investments. "By 2025, we plan to create a common financial market, which is of great interest for the Armenian colleagues for one simple reason: financial institutions that are to be established and already operating in Armenia, including those with foreign capital, ensure access to the Union-wide market," summarized the EEC representative.
We can say that we achieved freedom of movement of labor force in the framework of the common labor market in the Union "This is a very important topic for the citizens of Armenia. Through the accession to the EAEU, the citizens have the opportunity to work in the Eurasian Economic Union without discrimination, on the same conditions as the residents," Tatiana Valovaya noted.
An important advantage of the accession to the EAEU is the possibility of jurisdiction competition. According to the EEC Minister, the Armenian national regulatory system is effective and competitive in attracting business. "The Republic of Armenia is the leader of our Union in almost all international rankings," said the EEC representative. In particular, it is reflected in Doing business rating. According to him, Armenia is rated above all the Member States, taking place 35. "And this combination of low red tape, effective management structure and positioning almost 200 million people as part of the single market, is in my opinion the most important element of the Eurasian Economic integration. This provides additional opportunities for partners from third countries," said Tatiana Valovaya.
The purpose of the first international forum of the Eurasian partnership is the development of integration processes of bilateral and multilateral trade and economic partnership in Eurasia.
The agenda includes issues of the economy, the situation in the investment area, business support mechanisms, and prospects of technological cooperation.
The 2-day forum will be attended by representatives of the public authorities of the EAEU Member States, heads of large businesses, banks, investment companies, public and international organizations, leading scientists and experts from countries around the world.
Press-release at the official Eurasian Economic Commission web-site
The EEC Minister noted that the EAEU economic integration is a driver of economic growth and creates economic opportunities for the countries of the Eurasian Economic Union. Tatiana Valovaya specifically emphasized economic indicators of Armenia, which demonstrate very positive dynamics. "They are much better and more positive than the average for the Union, for example, the growth of Armenia's GDP accounted for +2.8%,” said the EEC Minister. “This is significantly higher than the average for the Union. Industrial production growth for the first seven months of this year increased by almost 8% as compared with the same period of last year.” Armenia’s export growth in the EAEU countries correlates with the increase in industrial and agricultural production. "This demonstrates that the business expectations are fulfilled,” noted Tatiana Valovaya.
According to the EEC representative, the Commission knows about certain remaining barriers at the goods market. "We are consistently working to address them. We understand that not only the export of goods is an important element of economic integration. The Armenian business is looking forward to the expansion of the integration in other areas," said the EEC Minister.
Tatiana Valovaya spoke about existing and emerging common markets of the Eurasian Economic Union. At present, half of the services market operates in the mode of the common market. The Commission is also working to create a common financial market to achieve freedom of movement of capital and investments. "By 2025, we plan to create a common financial market, which is of great interest for the Armenian colleagues for one simple reason: financial institutions that are to be established and already operating in Armenia, including those with foreign capital, ensure access to the Union-wide market," summarized the EEC representative.
We can say that we achieved freedom of movement of labor force in the framework of the common labor market in the Union "This is a very important topic for the citizens of Armenia. Through the accession to the EAEU, the citizens have the opportunity to work in the Eurasian Economic Union without discrimination, on the same conditions as the residents," Tatiana Valovaya noted.
An important advantage of the accession to the EAEU is the possibility of jurisdiction competition. According to the EEC Minister, the Armenian national regulatory system is effective and competitive in attracting business. "The Republic of Armenia is the leader of our Union in almost all international rankings," said the EEC representative. In particular, it is reflected in Doing business rating. According to him, Armenia is rated above all the Member States, taking place 35. "And this combination of low red tape, effective management structure and positioning almost 200 million people as part of the single market, is in my opinion the most important element of the Eurasian Economic integration. This provides additional opportunities for partners from third countries," said Tatiana Valovaya.
The purpose of the first international forum of the Eurasian partnership is the development of integration processes of bilateral and multilateral trade and economic partnership in Eurasia.
The agenda includes issues of the economy, the situation in the investment area, business support mechanisms, and prospects of technological cooperation.
The 2-day forum will be attended by representatives of the public authorities of the EAEU Member States, heads of large businesses, banks, investment companies, public and international organizations, leading scientists and experts from countries around the world.
Press-release at the official Eurasian Economic Commission web-site