Thursday, May 12 2016 19:23
Alina Hovhannisyan

Valovaya: Results of 2015 demonstrated certain economic advantages from membership of Armenia in EEU

ArmInfo.Results of 2015 

demonstrated certain economic advantages of Armenia's membership in 
EEU, Tatyana Valovaya, Member of the Board (Minister) in charge of 
the Development of Integration and Macroeconomics of the Eurasian 
Economic Commission, said today during Yerevan-Moscow online 
conference on the "Prospects of EEU Economic Development and measures 
for raising the sustainability of EEU countries' economies".
 
"Armenia is the only country in the Customs Union, which had positive 
indicators on GDP growth at year- end 2015 and in the beginning of 
this year. This demonstrates that the integration had economic 
advantages for the new member", she emphasized noting that Armenia's 
model is a good motivation for further deepening of integration 
processes within the EEU during establishment of common market of 
goods and services. 
 
Stressing the important role of integration for overcoming the 
economic crisis Valovaya stated that in Jan- Feb 2016 the volume of 
mutual trade of EEU member countries declined almost 18%, while the 
foreign trade turnover with third countries dropped almost by 40%. 
Valovaya also presented the data on Armenia's trade turnover with the 
EEU member countries, according to which in the first two months of 
2016 Armenia increased export to Belarus by 45%, to Russa-2-fold and 
to Kyrgyzstan -4-fold. "I suppose that a number of Armenian 
enterprises has already realized all the advantages of common market 
of goods and services and currently possibly informational support 
should be provided to the economic entities so that they can use the 
given opportunities within the EEU more actively", Valovaya stated. 
 
Touching upon the issue of Russian economy Valovaya noted that this 
year recession in Russian economy will be more moderate, only by 1.4% 
compared to the previous year while starting from 2017-2018 hopeful 
signs of change from negative to positive trend of economic 
development will be noticed. 
 
Armenia became a full member of the EEU on Jan 2, 2015. The agreement 
on Armenia's accession to the EEU was signed in Minsk on 10 October 
2014. The Treaty on the Eurasian Economic Union 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 treaty implies freedom of movement of commodities, 
services, capital and workforce, implementation of coordinated or 
single policy in economic sectors stipulated by the treaty and 
international agreements within the EEU. 
 
To recall, International Monetary Fund (IMF) has upgraded its 
forecast for Armenia's economic growth in 2016 to 2.25-2.5% versus 
earlier forecasted 2.2%. World Bank forecasts a 2.5% GDP growth for 
Armenia in 2016.  EBRD forecasts economic growth to 2% in 2016. The 
Central Bank of Armenia revised its economic growth forecast for 
Armenia in 2016 from the previous 3.2- 3.9% to 1.6-2.7%, in its 
monetary policy program for Q4 2015. The state budget of Armenia 
fixed 2.2% GDP growth in 2016. According to the National Statistical 
Service of Armenia GDP growth in Armenia in 2015 totaled 3% versus 
3.5% in 2014. According to the statistical data economic activity in 
Q1 2016 grew by 5.6% y-o-y versus 2.5% growth in the same period of 
2015.
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