Diversification not against any nation, but for Armenia`s benefit 

ArmInfo.Diversification is not against any country, it is for the benefit of Armenia, so that we have an equal dependence on different countries of the world, and if possible, so that different countries of the world have the same dependence on us. This was stated by the Minister of Economy of Armenia Gevorg Papoyan in an interview with the Shant TV channel. 

He emphasized that the diversification of export-import relations is  a rather long path, which involves the formation and strengthening of  laboratory capabilities, among other things, so that the country can  conduct examinations and issue conclusions on the compliance of  products with international standards.  Diversification also requires  new knowledge and skills, colossal work on marketing, branding, etc.  Papoyan pointed out to some extent the unwillingness of businesses to  leave the so-called comfort zone, since this path is quite long and  requires additional efforts, knowledge, etc. Although entrepreneurs  also understand the importance of diversifying their export markets.

According to the minister, it is impossible to achieve  diversification in one day or one year, because the current  conjecture of trade relations between Armenia and Russia was not  formed during the years of independence, but dates back to Soviet  times, and for 70 years, the Armenian economy was part of the USSR  economy.

"But diversification is not about breaking away from Russia. We set  ourselves the task of increasing trade turnover with all countries,  including the members of the EAEU. Another issue is that in our  foreign trade, a very small share falls on European countries,  therefore, there is a need to accelerate the growth rate. But this  does not mean that we should stop supplying the Russian market with  the volume of products that are going there today," said Papoyan.

According to the Statistics Committee, in January-July 2024, Russia  retains its leadership in both total foreign trade turnover and  imports. The share of the Russian Federation in the structure of  Armenia's trade turnover is 36%, followed by China with a share of  11% and the UAE - 5.2%.

In particular, the volume of imports between Armenia and Russia in  January-July 2024 reached $7.4 billion, having increased by 4.5 times  over the year. The volume of exports amounted to $1.7 billion, having  decreased by 22.4% over the year. As a result, the foreign trade  turnover between Armenia and the Russian Federation amounted to $9.1  billion, having increased by 2.4 times over the year. The negative  trade balance with Russia amounted to $5.8 billion.