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EU customs control system will reduce Armenia's GDP by 7.7% — Russian Security Council

Alexey Shevtsov warned that the introduction of the European customs control system would effectively halt the free transit of goods across borders

MOSCOW, April 22. /TASS/. If Armenia were to join the European Union, its GDP could decrease by approximately 7.7%, primarily due to the necessity of implementing the European customs control system, according to Alexey Shevtsov, Deputy Secretary of the Russian Security Council,

He told the media that Armenia's accession to the EU would entail adapting to European standards, which would involve facing market quotas for Armenian goods and the obligation to comply with European technical regulations - steps that would demand significant additional investments.

Shevtsov further warned that the introduction of the European customs control system would effectively halt the free transit of goods across borders. Consequently, these changes could lead to a further 7.7% decline in Armenia's GDP, a 7.48% drop in domestic consumption, an increase in inflation by 8.3 percentage points, and a rise in unemployment by 4.1 percentage points.

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