News - Armenia economy minister: Trade relations with Russia are very important to us

Now commercial transactions in various directions are being carried out as normal, and the issue of Armenian brandy that occurred for a few days no longer exists, and some companies were exporting in the ferry destination, and there was no problem; this could be considered some sort of individual case that has been resolved. Minister of Economy Vahan Kerobyan told this to reporters in the National Assembly of Armenia Tuesday, with respect to exports from Armenia to Russia. "Trade relations with Russia are very important to us, and we are developing them. But, also, we are using considerable efforts, resources, and time to diversify our foreign economic relations in other directions as well. We have certain successes in those directions. For example, mutual trade with the UAE has increased tenfold in the last two or three years and is already more than 1 billion [US dollars], and this year it will reach 1.5 or maybe 2 billion dollars," said the minister. Continuing the topic of foreign trade, Kerobyan noted that Armenia will exceed its GDP for the first time in terms of trade in goods and services; that is, the country will have foreign trade higher than its GDP, and this will be the first time in the history of Armenia. Regarding Armenia’s economic relations with Russia, Kerobyan said that there were various fears, but only at the level of fears. "In general, we see that our companies work intensively with their partners in Russia," said Vahan Kerobyan. He spoke also about the diversification of Armenia’s economic relations, and noted as follows: "From November 5 to 10, we will participate, with our stand, in China's largest international exhibition in Shanghai; more than 20 companies will be represented there. In February, we will participate in the largest international exhibition in the UAE, and in general, we have considerably diversified our participation in regional exhibitions. It is very important to us that existing business ties are strengthened and developed. But we also see great potential in other directions, including European ones; we are now perhaps very close to passing the 1 billion dollar bilateral trade with Germany, the US. Trade with France is growing considerably. We are working towards maximizing in all possible directions, which is very normal."