ArmInfo. Armenian exports in the markets of the EAEU have a huge untapped potential. Already in 2020, when the customs regulations of the EAEU in the republic will come into force in full, Armenia is obliged to take advantage of the opportunities provided. Tigran Khachatryan announced this to journalists on May 3.
According to the minister, the Armenian government in its program for the future is 5 years, it planned to increase the level of exports to 23% of GDP, instead of the current 17%. The goal is quite ambitious, but the republic is committed to it, Khachatryan said.
It is within the framework of the EAEU, as the head of the Ministry of Economic Development indicated, Armenia will be able to increase export volumes to the desired indicators. The main bonus is that, according to the minister, when exporting to the EEU countries, Armenia is exempt from paying customs duties.
In addition to the EEU countries, according to Tigran Khachatryan, Serbia, Iran, Vietnam and other countries with which the Eurasian Union plans to establish a free trade zone can become potential markets for Armenian goods and services. This, according to the minister, is another opportunity for a citizen of Armenia, local business, to expand consumption markets and earn more income.
To note, after membership in the EEU, the growth in prices for food products and especially essential goods, as predicted, became inevitable. And although a transitional so-called grace period was granted to Armenia after its entry into the Union, it ends in 2020. From January 1 of the following year, customs rates will be set in the republic with other EAEU member states. At the same time, customs duties paid by importers, which will increase from January 1, will not go to the state budget of Armenia, but will actually go to the budget of the EEU, from which Armenia receives about 1 percent of the total.