Armenia's trade turnover with the EAEU has crossed the $11 billion threshold in 10 months

The trade turnover of the Republic of Armenia with the EAEU exceeded the threshold of $11 billion in 10 months of 2024. This was stated today by Deputy Minister of Economy of the Republic of Armenia Narek Hovakimyan at the session of the Standing Committee on Regional and Eurasian Integration of the RA NA.

According to him, in 2015, at the beginning of its membership in the union, Armenia's exports to the EAEU countries amounted to only $300 million.

"Our country mainly exports agricultural products, industrial and technological products to the EAEU member states. Thanks to our membership in the Union, we have been able to develop textile products, which are in great demand, especially in Russia," the Deputy Minister noted.

According to Hovakimyan, the EAEU has emerged as a successful integration union. With EAEU membership, Armenia has entered a market with more than 185 million consumers, which means more opportunities for the development of Armenian producers, exporters, and various sectors of the economy.

Recall that during the Eurasian Intergovernmental Council meeting held in Moscow, Russian Prime Minister Mikhail Mishustin noted that the EAEU retail trade turnover increased by almost 8% in the first three quarters of 2024, GDP growth amounted to more than 4.5%. Industrial production also increased by approximately the same amount, and passenger transportation increased by almost 7.5%.