YEREVAN, November 14. /TASS/. Armenian Prime Minister Hovik Abrahamyan said on Friday he is convinced that the accession to the Eurasian Economic Union will have a positive impact on the economic development.

“There is a possibility of goods import from the EAEU countries without customs duties that will considerably increase competitiveness of Armenian products on the markets of third countries,” he said.

The Treaty on the establishment of the Eurasian Economic Union was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana.

The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for creating the Eurasian Economic Union for the free movement of goods, services, capital and workforce and conducting coordinated policies in key sectors of the economy, such as energy, industry, agriculture and transport.

The EEU members are currently Russia, Belarus, Kazakhstan and Armenia. Kyrgyzstan is expected to join the union soon.