YEREVAN. – Entry into the Eurasian Union starting 2015 will give Armenia new inflows to budget and export opportunities, Ms. Teresa Daban Sanchez, Resident Representative of the IMF to Armenia, told Armenia News – NEWS.am.
Exceptions from the united customs tariffs of the Union, allowed to Armenia on several hundreds of commodities, mean that businesses importing from outside the Union may carry on as usual. No impact on the real economy means the same for the banking system, she added.
On the other hand, possibilities of export may increase, mainly to Russia, as cross-border trade between the members of the Union is clearance-free.
Another positive impact is the expected increase of customs revenues from the pool of customs duties of the Eurasian Union.
“We’ve recommended to consider social and capital spending that will support economic growth”, Daban Sanchez added.
To remind, Armenia planned to collect around $110 million in customs duties in 2014 (no end-year data available yet) and around $130 million for 2015 – while in 2013, member states of the Customs Union (Eurasian Union’s predecessor) have collected $26 billion. 1,13% of the whole pool, receivable by Armenia, would have been around $300 million in 2013 (and is likely to equal a comparable amount in 2015).