YEREVAN. – “At the current phase, Armenia has reached a status quo, political and economic conditions that we had no alternative to accession to the Eurasian Economic Union [EEU]; not joining the EEU would have been more risky.”

Non-pro-government Prosperous Armenia Party National Assembly (PAP NA) Faction member, economist Mikayel Melkumyan, who is also Deputy Chairman of the NA Standing Committee on Economic Affairs, noted the aforementioned at Friday’s—and the year’s final—NA briefing.

In his words, Armenia’s present-day production practice, quality of products, and spending are directed to the EEU market.

“Russia, severally, is our [, Armenia’s,] largest trading partner. We need this market from the viewpoint of expanding our economic opportunities in the short-term and long-term prospect.

“[But] of course, there may be major changes in the more distant future,” Melkumyan also said.

The National Assembly on Thursday ratified the treaty on Armenia’s accession to the Russia-led Eurasian Economic Union. The document was ratified by a vote of 103 for, 7 against, and one abstention.