Russia's Deputy PM: Armenia’s trade with EU declining as EAEU ties dominate

Armenia’s trade turnover with the European Union is significantly smaller than its trade with the Eurasian Economic Union (EAEU) and continues to decline, according to Russian Deputy Prime Minister Alexei Overchuk.

"Fresh statistics for the first 11 months are in: trade turnover between Russia and Armenia stands at $11.6 billion, while total trade with the EAEU is about $12 billion," Overchuk told Russian media, per Caliber.Az.

"At the same time, Armenia’s trade with the EU is many times smaller and falling. This is what the economy and reality tell us," he added.

His remarks come in response to the Armenian government’s recent approval of a draft decision to initiate the process of joining the European Union. Overchuk was skeptical about the practicality of such a move. "The initiators of the draft law on starting the process of joining the European Union understand perfectly well that joining the EU is a very hypothetical thing. Of course, they do not want to lose the economic benefits and advantages they have as a member state of the EAEU," he emphasized.

Armenian Prime Minister Nikol Pashinyan clarified the implications of the draft decision, noting that it does not immediately signify EU membership. "This does not mean Armenia's membership in the European Union in the direct sense of the word, as the decision on this issue can be made only through a referendum," Pashinyan stated.

Overchuk had previously described Armenia’s discussions about EU accession as a signal of its potential withdrawal from the EAEU. "Joining the EU is incompatible with the country’s membership in the Eurasian Economic Union," he asserted.

However, Armenian Minister of Economy Gevorg Papoyan dismissed speculation about leaving the EAEU. "The issue of leaving the EAEU is not on the government’s agenda," Papoyan said, summarizing Armenia’s 2024 economic performance.

Papoyan further elaborated on the government’s stance on European integration. "The process of European integration is a parallel agenda. Our primary goal is not choosing between unions, but strengthening economic resilience. It doesn’t matter whether Armenia is in the EU, the EAEU, or elsewhere," he explained.

Papoyan underscored the importance of fostering economic growth through innovation. "The key objective is the development of complex goods production and rendering high-quality, competitive services," he added.

By Tamilla Hasanova