Wednesday, September 25 2013

By joining the Customs Union, Armenia will be able to
additionally increase its GDP by 4-4.5% per annum within the next two years,
Yevgeny Vinokurov, Head of the Center for Integration Studies at the Eaurasian
Development Bank (EDB), said during a Moscow-Yerevan video conference on
Wednesday.  

 

"First of all, Russia will remove the duty on gas
exports, and the economic effect for Armenia will be 140 mln USD per annum. Secondly,
Russia will revise the customs duties for the transit of Russian raw diamonds
(6.5%)", said Vinokurov.

 

He also expects positive dynamics in money transfers
of labor migrants. In 2012 the labor migrants transferred 1.7 bln USD to
Armenia, of which 1.4 bln USD was from Russia. "Within the Customs Union,
Russian investments in Armenia's economy will considerably grow", said
Vinokurov. According to the National Statistical Service of Armenia, Russiass
share in foreign investments in Armenian economy was over 40%. Afterwards,
however, it dropped to 20%.  The Central
Bank of Armenia says that in 2012 the inflow of private commercial transfers of
individuals via the banking system of Armenia totaled $1.687 bln (up 9% versus
2011). The inflow of Russian investments to Armenia grew by 11.6% in 2012.

 

The National Statistical Service of Armenia says that
in 2012 Armenia's GDP amounted to $9.9 bln (up 7.2% versus 2011). GDP per
capita made up $3283. In 2012 the inflow of foreign investments to Armenia
dropped by 7.9% to $751.8 mln. Russia's investments in Armenia dropped by 68.8%
to $122.7 mln.

 

To recall, on September 3 Armenian President Serzh
Sargsyan announced Armenia's decision to join the Customs Union and contribute
to formation of the Eurasian economic union. Russian President Vladimir Putin
expressed Russia's willingness to contribute to Armenia's accession to the
Customs Union in every possible way.