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One of the most important problems facing the economy of Armenia is the considerable violation of the trade balance and the structural imbalance of the economy. Economist Ashot Tavadyan said this during Tuesday’s discussion on the topic of "Armenia and the main directions of development of Eurasian integration in the foreseeable future."

According to him, the problem of unemployment and the resulting emigration is acute in Armenia.

"Economic relations with Russia, first of all, provide real opportunities for solving these problems, which is directly facilitated by cheap energy resources and the real demand for finished products of Armenia.

"In terms of energy carriers as well as the prices of Armenia's strategic products, the EAEU [(Eurasian Economic Union)] leader, the Russian Federation, offers the broadest opportunities. Let us note that the EAEU has created additional opportunities to receive preferential loans; first of all, for strengthening the defense capability of the Republic of Armenia. Unlike a number of loans from international organizations, highly targeted loans were received from Russia. The two preferential loans of $300 million were directed to the strengthening of the defense capability of our country. At the same time, of course, the efficiency of using such loans is of key importance. That function should be clearly implemented by the Armenian government. Also, Armenia received $270 million in targeted loans from Russia and $30 million in grants for the modernization and extension of the operation period of the Armenian nuclear power plant.

"The lifting of customs duties and the lowering of the prices of imported raw materials certainly contribute to the growth of exports and the reduction of unemployment. Compared to world prices, considerably lower prices of energy sources have a positive effect on increasing the competitiveness of local products. It is also important to implement a coordinated fiscal and monetary policy within the EAEU framework," Tavadyan said.

According to him, the main task of economic security is to ensure stable economic growth and a considerable increase in exports, and this is especially important for countries with small economies.

The formation of a single regional economy implies not only the creation of unified governing bodies and the coordination of actions of the countries participating in the Eurasian economic integration, but also the reorientation of all national economies towards the growth of coordinated key macroeconomic indicators: a considerable growth in GDP, exports, and employment.

"Especially in the context of the sanctions being imposed on Russia, the decision of the Supreme Eurasian Economic Council on the creation of the EAEU Industrial Policy Council is important, the purpose of which is to harmonize the industrial policy of the EAEU countries and submit proposals on the economic development of the EAEU countries. In order to harmonize the policies of the EAEU countries, the decision of the Eurasian Economic Union countries to create an import substitution and industrial cooperation commission is very important. The new body of the union shall choose the most promising integration projects in the integration spheres. The Armenian government should take the initiative and use new opportunities to increase the export of finished products and cooperation with Russia, first of all in the sector of defense industry," Tavadyan said.

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