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Eurasian Economic Union

Armenia joining Eurasian Economic Union to spur its economic development - Sargsyan

YEREVAN, October 12. /TASS/. Armenia has decided to join the Eurasian Economic Union to spur its economic development, Armenian President Serzh Sargsyan said on Sunday after talks with his Serbian counterpart Tomislav Nikolic.

“As you know, I have just returned from Minsk, where Armenia signed a document on joining the Eurasian Economic Union,” Sargsyan said. “We made this decision with an eye to give a fresh impetus to the progress of our economy. Free movement of goods, services, capital and labour force, accessibility of energy resources and common transport solutions in the Eurasian space will open up new possibilities to increase the competitive edge and efficiency of our economy.”

“But it is important that our partners know that we never contrapose Eurasian integration to our dialogue with the European Union,” he noted. “It /the dialogue/ will be continues, for we have many coinciding interests. We have common heritage, which is a basis for ongoing process of democratic reforms in our country.”

“Bilateral relations with European countries take an important and specific place in these relations,” Sargsyan stressed. “The visit by the Serbian president and active contacts at all levels are a proof to that.”

The Eurasian Economic Union Treaty was signed by presidents of Russia, Kazakhstan and Belarus on May 29, 2014. The document establishes the Eurasian Economic Union, which is to come in existence from January 1, 2015. The treaty provides for free movement of commodity, services, capital and labour force within the union. It also envisages that the three countries coordinate or pursue common policy in certain economic sectors. The Eurasian Economic Union is seen as a tool to strengthen economies of its member states and to bring them closer together, moreover, such closer integration will add to their competitive edge on the global market.

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Eurasian Economic Union

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