YEREVAN. – Armenia has untapped export opportunities in the territories of the Eurasian Economic Union (EAEU). The Minister of Economic Development and Investments, Tigran Khachatryan, stated this at a press conference on Friday.

Touching upon the matter of raising customs duties for several goods that are imported into Armenia from third countries, he noted that with accession to the EAEU—which comprises Armenia, Russia, Belarus, Kazakhstan, and Kyrgyzstan—Armenia had taken a transitional period for the increase of customs duties on many products, but they will end one day.

“And the economy [of Armenia] should take that into account and rearrange,” Khachatryan added. “We believe that export is one of the first matters, and we [Armenia] have a huge untapped opportunity for exports in the EAEU territories themselves. Its benefit is that Armenia exports goods to the countries of that territory without the application of customs duties.”

“Such opportunities are created also as a result of the implementation of those free-trade agreements that are negotiated and signed [with other countries and international organizations],” the Armenian minister explained. “The united power of the EAEU to achieve favorable trade conditions is greater than Armenia would have if it were to negotiate separately.”

According to Tigran Khachatryan, even though the increase in tariff rates in case of imports from third countries may negatively affect the living standards of Armenia’s residents, this also gives them an opportunity to produce more and sell more.