Armenia will not have the opportunity to be in both the European Union (EU) and the Eurasian Economic Union (EAEU) at the same time; that is, Yerevan must make a clear choice between them. Sergey Mikhnevich, executive secretary of the EAEU Business Council, stated this in an interview with Sputnik.

According to Mikhnevich, it will be problematic to compensate for the “lost” amount if a negative decision is made because in the event of a decision on Armenia’s further rapprochement with the EU, the EAEU will introduce the necessary tariff protection measures, which will lead to a serious decline in Armenia’s trade with other Eurasian countries.

“As for what advantages and potential losses Armenia’s economy may have, here are some numbers: If we look at the absolute dynamics of Armenia’s GDP, we will see that from 2015 to last year it increased from $9.5 billion to $24 billion; the numbers speak for themselves. Armenia’s trade with the EAEU is almost 1.8 times higher than Armenia’s trade with all EU countries. Therefore, we expect our Armenian friends to demonstrate a cautious and pragmatic approach in assessing their benefits and possible risks,” Mikhnevich noted.

He said that Armenia’s turn to the West could affect its trade relations with Iran, too. According to Mikhnevich, the trade intensity index shows that Armenian partners are effectively using trade ties with Iran, which is largely due to Armenia’s membership in the EAEU.

Sputnik’s interlocutor gave an example from international practice, which should at least warn Armenia’s authorities. In particular, the course of the negotiations with the EU and the geographical proximity to Europe made it possible to hope for Turkey’s entry into the EU; but, as we know, this fruitless process has lasted for decades.

“Therefore, if I were in their [i.e. the Armenian side] place, I would personally think about it,” Sergey Mikhnevich concluded.