News - Solution of 2 problems can double, triple Armenia's trade with other EAEU countries, economist says

The solution of two problems can double and triple Armenia's trade with the other countries of the Eurasian Economic Union (EAEU), economist Hayk Farmanyan said during a discussion Tuesday. As one of the obstacles to the better development of Armenia’s economy, Farmanyan named the country’s banking system, which, according to him, makes absurd demands on businessmen. Also, the economist listed the endless difficulties in crossing the Upper Lars checkpoint—on the Georgian-Russian border—as another problem for Armenia’s economy. "The government of Armenia is inactive in this matter, although it should actively negotiate with Georgia," Farmanyan added. He expressed confidence that Armenia's membership in the EAEU has given obvious advantages, and therefore leaving it will mean cutting off the branch on which the country is sitting. The economist noted that in 2023, Armenia's trade increased by 47 percent, and its exports were actively replenished with smartphones, computer equipment, and cars. Farmanyan called these successes the results of re-exports, which, however, the Armenian government tries to attribute to itself.