Armenian experts assert that country's status worsened after accession to EAEU

The Armenia's membership in the Eurasian Economic Union (EAEU) has brought no positive fruits to the country, and hampers its progress, Armenian experts said. They believe that Armenia should leave the EAEU and get back to the issue of association with the European Union (EU).

Since January 1, 2015, the EAEU became the legal successor of the Customs Union; now, the EAEU includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

The "Caucasian Knot" has reported that on September 3, 2013, Armenian President Serzh Sargsyan signed a statement of his country's intent to join the Customs Union.

The Armenia's membership in the EAEU gave no positive results, says the statement of the public organization "Union of Informed Citizens" (UIC) released on September 3.

In the opinion of the UIC, with the Armenia's accession to the EAEU, the situation has deteriorated in all spheres. Thus, according to their data, in 2014-2015, Armenia's foreign trade dropped by 20%; and the country's external reserves dropped from 2.5 billion down to 1.5 billion US dollars. Also, a 10-percent drop of the GDP was registered.

Within the EAEU, Armenia's economy cannot take the path of development, Ashot Egiazaryan, an economist, told the "Caucasian Knot" correspondent.

According to his story, Armenia's dependence on the major player of the EAEU – Russia – in different directions is so high that it clearly prevents any progress.

At the same time, the economist believes that the EAEU as a structure is collapsing; respectively, Russia is losing its value.

Mr Egiazaryan believes that Armenia should return to the association agreement with the EU, which is, in his opinion, a chance for the country's progress.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.