Diversification of the economy is a vital necessity for us, and it does not matter how much our country trades with any country. Armenia's economy minister, Gevorg Papoyan, told this to reporters Thursday.

"If our country's trade with the US were 80 percent, with the rest of the world—20 [percent], I would talk about diversification again," Papoyan added.

According to him, the diversification of the economy is a process as a result of which exports and imports do not depend on one place, but many.

"In this sense, there are no self-sufficient countries in the world, all of them export to various countries and import their necessary goods from various countries. The more options you have in this process, the higher level your economic, food, and other type of security is; this is very logical. Diversification is a vital necessity to increase the resilience and competitiveness of our country," added Armenia's economy minister.