Armenia’s Membership In Customs Union To Secure It 4-4.5 % Annual GD

ARMENIA’S MEMBERSHIP IN CUSTOMS UNION TO SECURE IT 4-4.5 % ANNUAL GDP GROWTH- EX-RUSSIAN ENVOY

YEREVAN, November 8. / ARKA /. A former Russian ambassador to Armenia
argued today that Armenia’s membership in the Russia-led Customs
Union will secure it a 4-4.5 % annual GDP growth.

Speaking at a Moscow-Yerevan video news conference on the prospects of
Eurasian integration, Vyacheslav Kovalenko, who works now as director
of regional programs of the Institute of Caspian Cooperation, said
after joining the Customs Union, Armenia will get a huge financial
benefit – more than $100 million a year – due to the removal of export
duties on natural gas, oil and rough diamonds supplied to Armenia.

He also said the “road map” for Armenia’s accession being now developed
by experts from Armenia and the Eurasian Economic Commission, calls
for major investment in Armenia’s transport system and modernization
of its power and chemical plants.

Kovalenko also recalled that money transfers sent home by Armenian
labor migrants from Russia is comparable with the country’s budget.

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