Armenia’s trade turnover with member countries of the Eurasian Economic Union (EAEU) surpassed $11 billion in the first 10 months of 2024, marking a record high in the country's history within the union. This was announced by Deputy Minister of Economy Narek Hovakimyan during a meeting of the parliamentary commission on regional and Eurasian integration on December 16.
Presenting the growth dynamics of trade relations, Hovakimyan noted that in 2015, when Armenia first joined the EAEU, exports to the union’s countries amounted to only $300 million. Over the years, the structure of exports has significantly diversified and now includes wine, brandy, agricultural products, industrial goods, and technological equipment.
A notable success, according to the deputy minister, has been the development of Armenia's textile industry, whose products are in high demand in the Russian market. Membership in the EAEU has provided Armenian producers and exporters access to a market of over 185 million consumers, creating new opportunities for the growth of various sectors of the economy.
Hovakimyan emphasized that the EAEU has proven to be a successful integration union, offering its member states vast opportunities for economic growth and the development of trade relations.
