ArmInfo. Situation in EEU countries is complicated and certain slackening of economic growth rates has been noticed in all the countries of the Union, Member of Eurasian Economic Commission Collegium Karine Minasyan told journalists on the sidelines of the Economic Forum "Armenia as a Bridge to Large Markets" on September 20.
At the same time Minasyan noted that there are also positive trends and EEU countries are gradually recovering after the crisis. In this context the Minister noted that import substitution was successful especially on the Russian market. "In Russia goods imported from the third countries are being substituted by the goods exported from the countries of the Eurasian Union and first of all from Armenia. This is a positive trend, which should be strengthened", Minasyan stated, adding that not only agricultural products from Armenia but also products of other fields can be represented on Russian market if the relevant quality is ensured.
Despite the fact that Armenia joined the Eurasian Union in the most complex period for the EEU countries, the first results have already been registered according to the Minister. These results were achieved due to significant facilitation of goods transportation process between the five countries and easing the procedure of providing jobs and services on the territory of EEU.
According to official data, foreign trade turnover of EEU in the first half of 2016 totaled $228.6 bln (export-$140.5 bln and import- $88.1 bln). Foreign trade turnover declined by 23% compared to the same period of last year. Export dropped by 29.3% and import by 10.3%. Domestic turnover within EEU dropped by 17% in the first half of 2016 compared to the same period of last year and totaled $19 bln.
