Armenia and the EAEU

It is just over 5 years since Armenia joined the Russian-led Eurasian Economic Union (EAEU). This was in preference to signing an agreement with the European Union (EU) and was possibly for political reasons – not to upset Russia.

There have been benefits to this arrangement however, at the moment, despite easing some restrictions for economic reasons, there is still a state of emergency over the Coronavirus.

Armenia is the second top destination for Iranian exports in the EAEU. According to Iranian government figures Armenia imported around $430 million worth of their cargo in the year ending March 2019. Iran has plans to increase this volume to Armenia and through the country to other members of the EAEU.

Earlier this year Jam News reported that Armenia suggested that individual countries of the EAEU take on a certain sphere to promote. Armenia decided on a single jewellery brand due to their experience and success in this field.

The mineral Industry is one of the main sectors of the Armenian economy and in 2017 it accounted for 30.1% of its exports .

Also, diversely, it is paying special attention to high technology. At the start of the year Arayik Harutyunyan, Armenia’s Minister of Education & Science stated that many powerful technology firms such as Microsoft and Cisco have a physical presence in Armenia and that the country’s tech sector had grown by 33% in 2018.

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