YEREVAN, July 14. /ARKA/. Armenia has maintained the pace of its integration development within the Eurasian Economic Union (EEU). This finding is presented in the report entitled Main Tendencies in Armenia’s Integration Development in 2019 prepared by the Eurasian Development Bank’s (EDB) Centre for Integration Studies.
The socioeconomic situation in Armenia stabilised in 2019, and significant progress was achieved in the country’s development compared to 2018. Moody’s and Fitch upgraded Armenia’s ratings accordingly. EEU countries have intensified their role in the country’s foreign trade and strengthened their financial ties with it.
In 2019, the share of food products and agricultural raw materials increased in the structure of Armenian supplies to EEU countries, as did the share of mineral products in imports. The stable positive dynamics of exports to the EEU was ensured primarily by stronger corporate interaction with these countries, which allowed expanding foreign markets for Armenian enterprises, the light industry in the first place. The growth of Armenia’s exports to EEU countries was the highest among Union counties over the period.
Remittances from abroad continue to support consumer and investment demand in Armenia and help to improve its balance of payments. The amount of remittances increased in 2019, driven by resumed transfers from Russia in the second half of the year. The net inflow of investments from Russia also recovered by the end of the year. Financial support in the form of borrowings from EEU countries strengthened.
Armenia’s chairmanship of the EEU in 2019 was very productive in terms of expanding foreign economic relations of Union countries. Trade and economic agreements with China and Iran took effect and free trade agreements were signed with Serbia and Singapore.
Cooperation with EEU countries, especially Russia, intensified. Armenian enterprises were included in the single list of industrial associations ready to participate in joint projects for the manufacture of products for rail transport.