EEC Minister: Situation in EEU countries is complicated

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.