On September 13, a meeting of the co-chairs of the Armenian-Russian Intergovernmental Commission on Economic Cooperation took place in Yerevan. Russian Deputy Prime Minister Alexei Overchuk and Armenian Deputy Prime Minister Mher Grigoryan discussed the current state and future prospects of bilateral economic cooperation.
Overchuk announced the potential for a record level of trade between the two countries by the end of 2024, projected to reach between $14 to $16 billion. In comparison, the trade turnover in 2020 was only $2.3 billion. The Russian Deputy Prime Minister emphasized that in the first half of 2024 alone, trade turnover had already reached $8.4 billion, indicating a significant acceleration in growth.
According to Overchuk, Armenia's membership in the Eurasian Economic Union (EAEU) since 2015 has had a positive impact on the country's economy. Armenia's GDP per capita has increased 2.3 times during this period.
The meeting also addressed joint projects in various sectors, including industry, energy, transportation, logistics, finance, and investments. Special attention was given to humanitarian cooperation, particularly the potential for joint projects in secondary and higher education.
Following the meeting, both sides agreed to hold the next session of the Intergovernmental Commission in Russia in the near future.
