Armenia doesn’t consider replacing the Eurasian Economic Union (EAEU, EEU) with anything else but is diversifying its trade partners, Armenia's Minister of Economy Gevorg Papoyan said.
“We aren’t at all thinking about replacing the EEU with anything else,” he said at a press conference when asked about the developments around the possible EU integration process.
“We want to be independent, and independence is when you are dependent on everyone and not just one, and everyone is to some extent dependent on you.”
Minister Papoyan attached importance to Armenia’s ability to produce and export competitive goods to various markets.
“It shouldn’t be replaced. Those volumes must be preserved, increased and expanded within the EEU,” he said.
At this moment Armenia’s top trade partner is the UAE. Other major trade partners alongside Russia are China and the EU, he added.
According to the Minister, Armenia's trade turnover with the UAE has become more than 40 percent, excluding raw gold, the trade turnover with the UAE has become 18 percent, while it was 4-5 percent a few years ago.
"As for the EU, yes, we have a problem. The biggest problem with the EU is that we used to be considered a low-income country, we used GSP+ benefits, that is, we did not pay customs duties or paid less. Now we are considered an average country a country with incomes, the GDP per capita is almost 8,500 dollars, and in the case of 8,500 dollars, we were deprived of the GSP+ privilege," he said.
The Minister noted that in this case, certain difficulties have arisen in some sectors, such as textiles, but they are trying to support these sectors in order to ensure competitiveness and not lose the markets historically formed in the EU.
