Negotiations Underway for Free Trade Agreement Between EAEU and Iran: Kerobyan

In 2021, trade turnover between Armenia and EAEU countries amounted to 2.74 billion USD, reflecting a 20.7% increase compared to the previous year. Armenian Minister of Economy Vahan Kerobyan announced this during a joint session of the permanent committees of the National Assembly discussing the annual report on the implementation of the state budget for 2021.

According to him, exports to EAEU countries in 2021 totaled 888.8 million USD, up 25.2% year-on-year, while imports reached 1.85 billion USD, an increase of 18.6% compared to the previous year.

“Foreign investments by EAEU countries in Armenia’s real sector amounted to 32.4 billion drams in 2021, increasing by 111.8 billion drams from the same period last year. During the same period, net foreign direct investment from EAEU countries reached 40.1 billion drams, up by 99.7 billion drams compared to 2020,” Kerobyan noted, adding that these investments primarily came from Russia at 32.4 billion drams in mining and energy, and from Belarus at 6.9 million drams in wholesale trade.

Regarding tariff regulation, Kerobyan mentioned that the EAEU Commission adopted 18 tariff regulation decisions in 2021.

Additionally, he stated that Armenia's trade turnover with Iran in 2021 amounted to 502.8 million USD, indicating a 25.2% increase as well. “Actually, the growth rate of trade turnover was significantly higher. It was severely affected by problems arising during freight transportation last autumn. A section of the Goris-Kapan road was out of our control, which led to serious issues related to goods turnover,” he explained.

According to the Minister, Armenia’s trade with China increased by 30.7% in 2021, and with Serbia by 20.6%. “Currently, negotiations are in progress regarding the signing of a permanent free trade agreement between EAEU member states and Israel, Egypt, India, and also between EAEU countries and Iran,” he added.