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The Eurasian Economic Union (EAEU) has a great potential as an economic project and has generated certain results in terms of purely economic relations, Armenian Deputy PM, Minister of International Economic Integration and Reforms Vache Gabrielyan stated during today’s visiting session of Valdai Discussion Club held in Yerevan.

“Armenia saw certain economic difficulties in 2015, 2016. The period coincided with Armenia’s jointing the Eurasian Economic Union, that provoked serious debates in the public,” Minister Gabrielyan recalled, adding the poor economic situation was often linked to the entry to EAEU as well as experience of the previous years. 

Gabrielyan went on suggesting Armenia’s economy would have deteriorated even further if the country hadn’t joint the economic union, bringing an example of certain progress recorded, namely the ease of doing business with Russia, Belarus, and Kazakhstan.

Gabrielyan also predicted trade turnover would increase in the coming 2-3 years, saying the Eurasian Economic Union has great potential as an economic project.