Armenian authorities are currently not discussing the country's withdrawal from the Eurasian Economic Union (EAEU). This was stated by Maria Karapetyan, a member of the delegation of the National Assembly of Armenia to the Parliamentary Assembly of the Eastern Partnership (Euronest), and a deputy from the ruling party "Civil Contract", on Thursday, March 28.
Another representative of the ruling party, Babken Tunyan, who is also the chairman of the Standing Committee of the National Assembly on Economic Affairs, emphasized the importance for Armenia to diversify its exports. Currently, a large part of it goes to the Russian market.
To achieve this goal, according to Tunyan, Armenia needs to do "homework" to improve the quality of its own products. "It is also important to meet the criteria of the market to which Armenian goods are planned to be delivered," he explained, noting the importance of improving knowledge, standards, and legislation.
Although Armenia is a member of the EAEU and, for this reason, more integrated with this market, Babken Tunyan considers it important to diversify the country's export routes.
The issue of Armenia's possible withdrawal from the Russia-led organizations - the EAEU and the CSTO - became relevant against the backdrop of escalating crisis in Armenian-Russian relations and the resolution adopted by the European Parliament, allowing to consider the possibility of granting Armenia candidate status for EU membership.
Meanwhile, despite the growing tensions between Yerevan and Baku, trade and economic ties between the countries are actively developing. Since the military actions in Ukraine, Armenia's economy has received a powerful impetus due to the influx of Russians into the country along with their capital, as well as a sharp increase in bilateral trade.
Russia retains leadership in Armenia's foreign trade turnover, exceeding $7.3 billion in 2023. In January of the current year, trade turnover with Russia increased by 93%, amounting to $861 million in monetary terms. TThe UAE took second place in the list of Armenia's foreign trade partners, with trade turnover in January nearly seven times higher compared to the same month last year, reaching $339 million.
China ranks third in terms of trade volume with Armenia, with a result of $199 million. The European Union, which was Armenia's largest trading partner for years, ranked fourth in this list in January 2024 with a volume just above $140 million.
