ArmInfo. Armenia, having harmoniously integrated into the work of the Eurasian Economic Union, receives economic benefits. Chairman of the Board of the Eurasian Economic Commission Tigran Sargsyan stated during a press conference on May 14, summing up the results of the Council of the Eurasian Economic Union in Sochi. During the session of the Supreme Eurasian Economic Council a number of important decisions were made in the areas of integration, macroeconomics, trade, digitalization, services market, transport, agro-industrial complex, technical regulation. The report on the experience of Armenia and Kyrgyzstan joining the EAEU is presented to the members of the CEEC.
According to the press service of the Department of Protocol and Organizational Support of the Eurasian Economic Commission, the report on Armenia's participation in the EAEU states that due to the "scale effect", the volume of trade in industrial products of Armenia and the states of the Union in 2016 increased by 40.3%. And by the end of 2017, another 57.4%. The EAEU and ECE member states are instructed to take into account the provisions of the reports in their work in determining further directions for the development of integration within the framework of the EAEU.
Kyrgyzstan received the greatest effects from freedom of movement of labor, goods and services, which affected, in particular, the growth of remittances to Kyrgyzstan from Kyrgyz workers in the territory of the EAEU (in 2016, $ 1.9 billion - almost 30% of GDP and 102.3% of the country's revenues), the growth of export-import transactions. Also, the share of services in the country's GDP structure has increased.
According to Tigran Sargsyan, the reports were presented jointly with the governments of the countries, and the estimates exceeded all expectations. "The indicators of mutual trade have greatly increased, which indicates that the regimes had a favorable impact on the economy, as well as on exports from both countries to the common market and stimulated the development of agriculture. The indices of industrial growth in these countries are encouraging," he said.
During the meeting, it was agreed to prepare a joint declaration with the governments of the member states of the ECE on deepening the integration association, which will be submitted for discussion at the end of November or early December at the next meeting of the Council.