YEREVAN. – By joining the Customs Union, any state is transferring a part of its sovereignty to the executive body of that union, Armenian Deputy FM said.

This refers both to Armenia, Ukraine, Kazakhstan, Belarus or any EU member state. However, sovereignty is transferred only “in terms of customs policy”, Shavarsh Kocharyan said during media conference on Thursday. In other respects, the state preserves its sovereign rights, he added.

“In general, customs unions are formed for more effective development of the economy,” he added.