Armenia’s sharp turn from the EAEU to the EU is unclear from an economic standpoint, says former Finance Minister Vardan Aramyan.
YEREVAN, February 14. /ARKA/. Armenia’s sharp turn from the EAEU to the EU is unclear from an economic standpoint, says former Finance Minister Vardan Aramyan.
“I don’t think the government is unaware that a sudden shift with economic consequences could be extremely painful for our economy,” he said in an interview with ARKA news agency, when asked about the risks Armenia’s economy might face on the path to European integration.
On February 12, the National Assembly of Armenia approved, in the first reading, a bill to begin the country’s accession process to the EU.
In discussing the negative potential impact on Armenia’s economy, Aramyan referred to Russia’s right, under EAEU regulations, to impose customs duties on gas exported to a country that is not part of the EAEU.
“It’s possible to calculate how much this could cost Armenia’s economic reality,” he said.
The former finance minister explained that such a situation would not only affect consumers but would also harm the competitiveness of exporters.
“I’m not even mentioning the economic flows we’ve recently had, thanks to integration with the EAEU, which has significantly facilitated trade,” he added.
According to Armstat, Armenia’s foreign trade turnover in 2024 was approximately $30.2 billion, a 41.5% increase compared to 2023. Trade with the EAEU amounted to $12.7 billion (a 54% increase), while trade with the EU was $2.3 billion (a decrease of 11.7%).
Aramyan questioned what added value the bill, which passed its first reading in parliament, would bring, that is not already covered by the current Comprehensive and Enhanced Partnership Agreement (CEPA) between Armenia and the EU.
“This agreement covers almost all areas, except those regulated by the EAEU legislation, as it is impossible to be in one economic structure and integrate into another economic bloc. This is economically senseless,” he said.
“I still don’t understand the economic rationale for adopting this law, and I’m inclined to believe it’s being done to gain political dividends,” the expert added.
Earlier, Armenian Prime Minister Nikol Pashinyan stated that Armenia does not plan to sever its economic ties or reduce trade volumes with the EAEU and Russia. According to him, Armenia is on a path of economic diversification and aims to increase trade with the European Union as well.
The prime minister also noted that starting the EU accession process balances some foreign policy risks. According to him, Armenia can only join the EU if the people approve the initiative through a referendum. The main challenge in this process, according to the prime minister, is aligning with EU standards.-0-
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