Friday, October 16 2015 16:18

ArmInfo. Following the accession to the Eurasian Economic Union (EEU), Armenia experiences a new situation for both its economy and businessmen, Garegin Melkonyan, First Deputy Minister of Economy of Armenia, told media on October 16.

He said the Armenian businessmen have several months to decide what goods can be supplied to the EEU market. In the meantime, the problems on the financial market of Russia have a negative impact on the Armenian economy and affect the indices of the trade and economic balance. Melkonyan recalled that following intensive talks on Armenia's accession to the EEU a list of waivers was approved. Due to the waivers, Armenia does not suffer a tangible growth in prices, he said.  

Armenia became a full member of the EEU on Jan 2, 2015. Its share in distributed the customs duties is 1.13%. By preliminary data, Armenia is to receive about $250 million in 2015. The EEU customs duties on a range of goods, particularly, cars, pharmaceuticals and essential goods, will be applied in Armenia in a year after the accession.  Therefore, the country still retains the local customs duties.

The aggregate volume of economy of the EAEU member states was initially estimated at more than $2 trillion and the total industrial output of the three countries was expected to total $1.5 trillion.  The prospect of the integration effect in terms of the aggregate GDP growth was to total about $900 billion by 2030. However, the sanctions imposed on Russia, the depreciation of the national currencies of the EEU member states and a number of other factors have considerably reduced the expected indices. The agreement takes into account the principles of sovereign equality of the parties and their territorial integrity, as well as the national interests of the EEU member states. The agreement implies freedom of movement of commodities, services, capital and workforce, implementation of coordinated or single policy in economic sectors stipulated by the given agreement and international agreements within the EEU.