Economics

Armenia’s membership in EEU forces to search for new avenues of cooperation with Germany

Armenia-Germany 10Liana Yeghiazaryan
Public Radio of Armenia

Yerevan is hosting an Armenia-Germany business forum with a view of expanding the trade-economic ties between the two countries. The delegation of the German Ministry of Economy and Technology headed by Mrs. Margit Steffel has arrived in Yerevan on this occasion.

The German delegation comprises businessmen representing different spheres of industry – machinery, agriculture, electricity, food processing, etc. They are participating in roundtable discussions, meeting government representatives and their Armenian counterparts to consider the perspectives of cooperation.

Germany is the third largest investor in the Armenian economy. The commodity turnover between Armenia and Germany made $294 mln in January-August 2014, which means a 28.8% growth as compared to the same period last year. Armenia has exported mostly crude copper and imported vehicles.

Speaking to Public Radio of Armenia, Mrs. Margit Steffel said “it’s hard to predict whether Armenia’s membership in the Eurasian Economic Union will affect the Armenian-German economic cooperation or not.”

“Armenia mostly cooperates with the European Union within the framework of the Eastern Partnership Program,” she said. “We have a Deep and Comprehensive Free Trade Agreement, but Armenia’s accession to the Eurasian Economic Union makes it impossible to remain party to several agreements at the same time. The deepening of cooperation under the above-mentioned agreement would be easier, while today we only hope to seek for new ways of cooperation,” Mrs. Margit Steffel said.

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