Armenia plans to benefit from Customs Union

Armenian analysts think that the country’s affiliation with the Customs and Eurasian Unions will be a serious push forward for the country’s economy. This will facilitate the increase of trade turnover, movement of people, and servicing of those operations.

The Armenian economy is already deeply integrated into the Russian economy, and has only continued to increase year by year. Around 45% of foreign direct investment to Armenia comes from Russia. Labor migrants from Armenia to Russia transfer around $1.5 billion from Russia to Armenia every year.

There are around 2.5 million Armenians in the Russian Federation. So, by entering the Customs and Eurasian Unions, the Armenian authorities think that it will become much easier for Armenians to travel throughout Russia and other countries of the Eurasian Union for labor or other reasons.

In this regard, Armenian analysts place great importance on the issue of restoring the Abkhazian segment of the railways connecting Russia with Georgia. According to their opinion, it would become one of the most active trade land connections between Russia and Armenia.

Some analysts also suggest that the Customs and Eurasian Union could facilitate the regulation of the Karabakh conflict as well.