Monday, October 24 2022 13:08

ArmInfo.In the medium and long terms the vectors of economic relations will mostly remain  unchanged, Aram Safaryan, Coordinator of the Eurasian Expert Club,  stated at the panel discussion entitled 'Armenia and urgent  priorities of Eurasian economic integration." 

Armenia's exports to Russia and imports from that country will  considerably increase, with further diversification of Armenia's  economy, which, in turn, will contribute to Armenia's economic  progress unless force majeure circumstances interfere. 

Mr Safaryan is confident that it is the Eurasian Economic Union that  will assist Armenia in developing modern-day economic relations. So  Armenia's authorities should make the country an interesting economic  partner, using political and economic potential, as well as that of  the Armenian Diaspora. 

"In other words, Armenia should not be viewed as a dead end, which  has been the case so far, but turn into a link, which, I believe, is  quite possible," Mr Safaryan said. 

On the other hand, if, amid the West-Russia confrontation, the West  attempts to put Armenia in a grave situation, it will thereby incite  Armenia to "throw itself into Moscow's arms." 

"But it is not in the West's interests. So Armenia should use its own  potential in a cautious and well- thought-out way. We are living in  rather hard times. On the one hand, it is the war fraught with grave  consequences, which we cannot be fully aware of now. But even in this  situation, Armenia has opportunities to ensure further progress," Mr  Safaryan said.

This January-July, Armenia recorded 11% economic growth along with a  rising poverty level, which, if the trend continues, could exceed 42%  by the end of this year. Resisting this trend requires ensuring  economic growth. 

"We believe the government-forecast 7% economic growth can well be  ensured by the end of this year, but the authorities' duty is to  direct the funds to cope with poverty," Mr Safaryan said. 

Armenia could also play an active role in import substitution and  should not miss this chance. Armenia's authorities should send clear  signals to their Russian partners. 

"Armenia will not betray you. We are an efficient actor and you can  use our potential for us to become an industrially developed nations  again," he said. 

Arman Ghukasyan, Chairman of the International Humanitarian  Development NGO, said that Armenia's present advantages are due to  the EAEU market - primarily in exports. 

"Armenia's economic is certainly benefiting from EAEU membership, and  the relevant figures are evidence thereof. Even amid the sanctions  against Russia, the EAEU has proved its stability, and the economic  growth in Armenia is striking evidence thereof. And competent  management could turn into even greater benefits to our country," Mr  Ghukasyan said. 

Economic Ashot Tavadyan points up a need for Armenia to realize its  potential within the EAEU. 

"Amid the sanctions against Russia, Armenia's government must play a  key role in coordinating migration and reducing unemployment.  Armenia's government should continue work to create the relevant  legal basis for international economic cooperation, enhancing  Armenia's international reputation and developing cooperation with  landlocked countries to resolve transit problems," he said.