The accelerated formation of common energy markets in the Eurasian Economic Union (EAEU) will become the basis for equal conditions for economic activity. Deputy Prime Minister of Armenia Mher Grigoryan stated this at the meeting of the Eurasian Intergovernmental Council of the EAEU countries, held in Kyrgyzstan.

According to Grigoryan, the further formation of common energy markets in the EAEU and ensuring energy security remain priorities for Armenia. He noted that the accelerated formation of common energy markets, based on the principles of non-discriminatory activity, should become one of the bases for ensuring equal conditions for economic activity for all EAEU member states.

Also, Grigoryan highlighted the importance of cooperation between the customs services of the EAEU member states and the commissions in the monitoring of customs declarations of tax-laden goods. In his view, such cooperation is an important tool for proper overseeing of their value, and this directly affects the revenues of the state budgets.

As per the Armenian deputy premier, considerable work has been done with joint efforts to ensure the stable functioning of the single market for medical devices and products in the EAEU, and, thanks to this, the single market for the circulation of medicines will begin to operate next year.

Armenia considers the implementation of the EAEU digital agenda as another direction for sustainable economic growth, and modern challenges, according to Grigoryan, require not only institutional solutions, but also assistance from technological tools. Artificial intelligence and digital technology are becoming a key resource for forming new and more effective models of interaction in both the economic and corporate and public administration sectors, he added.

“In order to optimize business processes and build integrated digital platforms within the EAEU, it is necessary to carry out systematic work on improving electronic management systems and introducing cybersecurity mechanisms,” Grigoryan said.

According to the deputy PM of Armenia, the transport and logistics sector is also one of the key elements of economic cooperation. As per Grigoryan, diversification of transport infrastructure will provide an additional impetus to both the export of goods to third countries and the growth of trade within the EAEU.

“In this context, I consider it necessary to once again emphasize the importance of the Crossroads of Peace regional infrastructure project launched by us [i.e. Armenia], the objective of which is to create reliable and interconnected transport routes, as well as to ensure sustainable regional development and strengthening of economic ties between all interested states, based on full respect for the sovereignty and jurisdiction of states, as well as the principle of reciprocity,” added the deputy premier of Armenia.