ArmInfo. The National Assembly of Armenia at its meeting on April 23 approved the agreement on trade and economic cooperation between China and the Eurasian Economic Union (EAEU).
According to Deputy Minister of Economic Development and Investments of the Republic of Armenia Albert Babayan, the document was signed on May 17, 2018 in Astana. The agreement covers a wide range of areas of trade regulation and cooperation, such as measures to protect the domestic market, technical barriers to trade, sanitary and phytosanitary measures, customs cooperation, intellectual property, competition, cooperation in public procurement, industry cooperation and electronic commerce. In accordance with the agreement, the parties secured guarantees and the right to demand compliance with the trade regime at the WTO level in mutual trade in goods. The agreement also provides for a mechanism of transparency, which ensures the transparency of legal regulation systems, the processes of adopting measures of general application and administrative acts, the processes of public authorities. In general, the agreement should serve as the basis for the onward movement towards a closer trade and economic partnership between the PRC and the EEU. The agreement is intended to be a tool for developing information exchange, identifying barriers and promoting mutual trade, and will also contribute to finding areas for additional potential cooperation.
The Deputy Minister reminded that China is one of the largest trade partners of Armenia. At the end of last year, the turnover between the countries amounted to $ 771 million, of which $ 663 million - imports of Chinese goods, and $ 107 million - exports of Armenian goods to China.
The agreement will enable Armenia to significantly increase its exports to the Chinese market, which will contribute to the development of the country's economy as a whole and diversify the export opportunities of the Republic of Armenia.