Armenia concluded successfully its Second WTO Trade Policy Review, Economic Development and Investments Deputy Minister Avag Avanesyan said in a video posted on WTO Twitter.

Speaking after the event, Avanesyan said they received more than 120 questions from WTO members, while 19 countries presented comments and statements which were mostly positive.

“This undoubtedly demonstrates interest that international community is showing towards Armenia and our trade and economic policy in particular,” he said.

A statement issued by the Chairperson said members noted Armenia's improvement in its economic and trade performance since its first review in 2010, in particular its recovery from the 2008 global financial crisis with an average annual 4% GDP growth rate, albeit with some fluctuations.

“Members recognized that Armenia's economy was characterized by low inflation, declining poverty and significant progress in enhancing its macroeconomic stability in which trade in goods and services, which is the equivalent of 87% of GDP, played a growing role.

While commending Armenia for these achievements, Members also noted the challenges remaining in some areas, including the country's vulnerability to external shocks and the need to step up efforts to diversify the narrow production and export base which continue to be concentrated in the mining and tourism sectors and reliant on a limited number of trading partners,” the Chairperson said in concluding remarks.

Members were also interested in better understanding the impact of membership of the EAEU on Armenia's trade policy and its WTO obligations.