Armenia is now in the Eurasian Economic Union

January 2, the Treaty on Armenia’s accession to the Eurasian Economic Union (EAEU) came into force. Armenia became the fourth full-fledged Member-State of the Eurasian Economic Union together with Belarus, Kazakhstan and Russia.

By this Treaty Armenia has made a part of the Treaty on the Eurasian Economic Union, signed by the Presidents of the EAEU Member-States — Alexander Lukashenko, Nursultan Nazarbayev and Vladimir Putin on May 29, 2014 in Astana, as well as other international treaties forming the EAEU legal framework. From now on, Armenia undertakes corresponding obligations, and therewith gets access to the EAEU single market with 170 million citizens.

By joining the Eurasian Economic Union, the state gets fully involved into implementation of the Eurasian project aimed, on the one hand, at forming of four freedoms: free movement of goods, services, capital and labour force. On the other hand, — at creation of one of the key economic centers of evolving architecture of the multipolar world.

The fourth partner expects a number of positive effects form integration. Among the key ones there are an increase of goods turnover due to elimination of barriers and minimization of administrative expenses, increase of mobility of labour force due to introduction to the single labour market, increase of stability of economic development due to reduction of economic isolation effect, development of infrastructure projects, participation in drawing up of the agenda using the mechanisms of the Eurasian Economic Union.

The Treaty on accession provides for full involvement of Armenia’s representatives into the activities of the EAEU governance. Upon entry of the Treaty into force the President of Armenia becomes a full-fledged Member of the Supreme Eurasian Economic Council, and the Prime Minister becomes a Member of Intergovernmental Council; the full-fledged representative joins the Eurasian Economic Commission. Armenia will be represented by three Board Members in the Board of the Eurasian Economic Commission, as wells as other EAEU Member-States.