This January-September, Armenia’s trade turnover with Saint Petersburg, Russia, totaled U.S. $28.5m – an annual decrease of 13%. At their meeting as part of a 3-day roundtable Armenian and Saint Petersburg businessmen discussed the issue of increasing the bilateral trade turnover.

Tobacco constitutes 64% of Armenia’s imports from Saint Petersburg, while alcoholic beverages constitute 94% of Armenia’s exports. Also, Armenia’s imports from Saint Petersburg constitute U.S. $26.6m of the total bilateral trade turnover. Gagik Makaryan, Executive Director of the Union of Manufacturers and Businessmen (UMBA), stated that that the sides have a great potential for increasing the trade turnover. “The companies producing electronic and automatic equipment have reached some agreements,” Makaryan told NEWS.am. According to him, Russian businessmen are ready for cooperation in he tourist and pharmaceutical industries.

During the following two days companies are expected to sign contracts.

T.P.