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Putin praises Armenia’s accession to post-Soviet trade bloc

October 10, 2014, 18:34 UTC+3 MINSK
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MINSK, October 10. /TASS/. Russian President Vladimir Putin said on Friday he believed Armenia was ready for joining the Eurasian Economic Union (EEU) and expected a positive macroeconomic effect from its accession to the post-Soviet trade bloc.

“We believe Armenia is ready for work in the EEU on an equal footing with Russia, Belarus and Kazakhstan,” Putin said at a meeting of the Higher Eurasian Council at the level of the heads of state in Minsk.

Armenia is expected to sign a treaty on joining the EEU at the Minsk summit.

Armenia has been able to adjust economic regulation to common standards and bring the national legislation into compliance with the necessary norms since the autumn of 2013, which is relatively short period of time, Putin said.

“We hope we’ll see a positive macroeconomic effect already in the first one or two years after Armenia’s accession,” the Russian president said.

Trade between Russia, Belarus and Kazakhstan used to grow at a fast rate even before, adding 10% a year, Putin said. “I hope this positive trend will strengthen even further after customs and administrative barriers are lifted,” the Russian president said.

Other key indicators, such as GDP, consumer demand, household real incomes and employment should also improve within the Eurasian Economic Union, Putin said.

The Russian president said he hoped the parliaments of the EEU member states would promptly approve Armenia’s accession to the EEU before the end of 2014.

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