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Russia, Armenia to lose around $6 bln worth of mutual trade by year-end — Overchuk

Moscow and Yerevan understand the necessity to improve the regulatory environment to restore the level of economic indicators, the Russian deputy prime minister said

ST. PETERSBURG, June 20. /TASS/. Armenia’s rapprochement with the European Union (EU) negatively influences mutual trade turnover between Moscow and Yerevan, Russian Deputy Prime Minister Alexey Overchuk said at the St. Petersburg International Economic Forum (SPIEF), adding that the countries are expected to lose around $6 bln worth of mutual trade by the end of this year.

Due to the rapprochement between Armenia and the EU, Russian business understands that "it has no prospects in Armenia as there is no prospect of interaction with the European Union as well," he noted.

"The trend persists this year. The contraction currently totals $3 bln, with around $6 bln to be lost by the end of the year," the official said.

Moscow and Yerevan understand the necessity to improve the regulatory environment to restore the level of economic indicators, he said, adding that "issues of barriers, obstacles are being discussed, as well as matters of the work of regulatory bodies and problems of mutual settlements are being raised."

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." The Roscongress Foundation is the organizer of the Forum. TASS is its information partner.

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