Armenia makes effort to diversify foreign trade relations – minister of economy


YEREVAN, OCTOBER 31, ARMENPRESS. Trade relations with Russia are important to Armenia but the Armenian government is also making effort to simultaneously diversify its economic relations in other directions, Minister of Economy Vahan Kerobyan has said.

He said that the increased customs inspection targeting Armenian brandy exporters by the Russian customs agency has been lifted. “That problem, which existed for a few days, doesn’t exist anymore,” he said when asked on the matter.

Some companies have been using the ferry option for exports and no obstructions have been recorded.

Kerobyan said there are no obstacles in the Armenia-Russia exports process.

“Trade relations with Russia are very important to us, and we are developing them. But we are also spending significant efforts, resources and time in order to diversify our foreign economic relations in other directions as well,” Kerobyan said.

Pointing out successes, the minister said that there’s been a tenfold increase in mutual trade with the UAE in the past 2-3 years, and turnover already exceeds 1 billion dollars. This volume will reach 2 billion dollars, Kerobyan said.

“We are very close to surpassing 1 billion dollars in bilateral trade turnover with Germany and the US, and the trade turnover with France is also significantly growing,” Kerobyan said.

The economy minister said that Armenia will participate in one of the largest international exhibitions in China in November this year and in the UAE in February 2024.

“Overall, we’ve significantly diversified our participation in regional exhibitions,” he said.