Thursday, October 2 2014

Government of Armenia has approved the decision to sign an agreement on Armenia's accession to the Eurasian Economic Union.

Introducing the draft decision on 2 October, Deputy Minister of Finance Suren Karayan recalled that yet on September 3, 2013 in Moscow Serzh Sargsyan and Vladimir Putin confirmed the aim of the Republic of Armenia and the Russian Federation in the direction of further development of economic integration processes in the Eurasian territory.  The

Agreement on EEU was signed by the presidents of Russia, Belarus and Kazakhstan on 29 May in Astana and will come into force on 1 Jan 2015. Having no borders with the EEU countries, Armenia will get an opportunity of transit via third countries in line with the Agreement.

On 26 September, Armenia's Ministry of Foreign Affairs unveiled details of a draft agreement on the country's accession to the Russian-led Eurasian Economic Union. On Sept. 3, the Eurasian Economic Commission reported that the final version of the treaty had already been sent to the governments of Russia, Kazakhstan, Belarus, and Armenia for ratification. The four countries will meet on 10 October to ratify Armenia's entry into the Union.

Kazakh Minister of Economy Erbolat Dosayev said overnight the Eurasian integration's economic potential is very high. The total volume of economy exceeds $2 trillion. The total volume of industrial output in three countries reaches $1.5 trillion.   He said the prospect of the integration effect in terms of the aggregate GDP growth may total about $900 billion by 2030. Dosayev said the treaty provides for sovereign equality of the signatory-countries, reckoning with their national interests.