Accession to Eurasian Economic Union has opened up new opportunities for Armenia: Minister of Eurasian Economic Commission

“As a member of the Eurasian Economic Union, Armenia is facing new opportunities but it also will make its own contribution to the development of this integration project,” Minister of the Eurasian Economic Commission Karine Minasyan said during a roundtable discussion in Moscow.

The discussion concerned the peculiarities and prospects of cooperation with Armenia in the framework of the Eurasian Economic Union (EEU) and was hosted by Russia’s Commerce and Industry Chamber.

According to the Eurasian Economic Commission’s Facebook page, Minasyan said that when joining the EAEU, Armenia was granted special preferences. For example, for five years more it will be able to import cars upon old terms. There is also a list of goods that will have preferential tariffs for Armenia for the next few years. Minasyan specified that this list includes vehicles, food, drugs, petroleum and fertilizers. “For these products there will be a comfortable import duty, while for military products, civil airplanes and helicopters there will be no duty at all,” Minasyan said.

She said that for one year Armenian businessmen will enjoy the right to choose between national and EEU laws.

“But Armenia will not only use the opportunities offered by the Eurasian Economic Union. Based on its experience of institutional and structural reforms and competitive advantages, it will certainly contribute to the development of this integration project. The Union will use the best national practices and standards. So, it may well use Armenia’s experience in ensuring free capital flow. I mean its liberal legislation and flexible tax regime. We also have hopes for joint development of innovative and high-tech productions,” Minasyan said.