YEREVAN. – Armenia's accession to Eurasian Union may increase GDP by additional 1.5 percent per year, Deputy Finance Minister Suren Karayan said.

This will mostly contribute to the abolition of export duties in Russia, including taxes on gas and petroleum products which will give an impetus to Armenia's economy.

The same applies to the import of Russian diamonds for cutting in Armenia, which will help to develop the jewelry and diamond cutting industry, the official said .,

Armenian producers will benefit from the abolition of customs and duties in the Eurasian Union area, and from introduction of common requirements of certification.

“This will allow export of Armenian products to the Eurasian Union member states without any limits,” he added.