On January 1, 2024 the Republic of Armenia assumed the chairmanship over the EAEU governing bodies, where each State plays a key role in forming a common space of economic cooperation.

The chairmanship of the Republic of Armenia coincides with the tenth anniversary of signing the Treaty on the Eurasian Economic Union dated May 29, 2014. Following the ten years of the EAEU functioning, significant results have been achieved in all areas of interaction. At the same time, there are still a number of issues of strategic importance, without addressing which it is impossible to complete the formation of an efficient common economic space.

Only through coupled efforts will the EAEU Member States be able to create an even more sustainable model of economic cooperation for future generations without reference to political or geopolitical shifts.

The current volatility of the global economy requires a revision of economic interaction principles and tools. In these circumstances, we should make every effort to ensure the EAEU full-fledged functioning in the interests of our countries' citizens and businesses.

I would like to emphasize the importance of the adopted Declaration on further development of economic processes within the EAEU until 2030 and for the period until 2045 "The Eurasian Economic Path", which formulated the priority directions of the EAEU development.

This year we are faced with an important task – to elaborate an Action Plan revealing specific mechanisms for implementing the Declaration, which will largely determine the EAEU strategic development in the medium and long term.

In the year of the Republic of Armenia's chairmanship in the Eurasian Economic Union, in particular, I would like to emphasize the need to achieve a number of objectives crucial for the EAEU.

One of the priority areas is to ensure energy security. The accelerated establishment of common electric power and energy markets with non-discriminatory principles of functioning should become one of the blueprints for ensuring equal economic conditions for all the EAEU Member States.

In light of global economic challenges and the existing significant potential of our countries' agricultural sector, I attach great importance to ensuring the EAEU food security.

Ensuring stable access of the population to quality and safe food products is an important component of sustainable economic and social development of the EAEU Member States. I believe it necessary to continue work on developing a more structured and substantive agenda that will be based on the principle of prioritizing food supplies amid potential crises.

Transport and logistics is a key element of economic interaction. Developing and upgrading transport infrastructure, improving customs procedures and creating efficient logistics chains contribute to accelerated exchange of goods and services, shorter delivery times, lower costs and expenses, and increased market accessibility.

The EAEU transit potential and geographical opportunities for accessing external markets, which are still underutilized by the Member States at this stage, should be used to the maximum extent possible. Additional efforts should be made to develop the Eurasian transport infrastructure and export goods to third countries, maximizing the potential of relations with international organizations and international development institutions.

In this context, the successful implementation of the promising "Crossroads of Peace" project proposed by the Republic of Armenia will play a significant role in achieving the set goals of ensuring transit traffic along the Eurasian international transport routes.

The “Crossroads of Peace” can connect the countries of our region with roads, railways, cables, gas pipelines and power transmission lines.

I consider it fundamentally important to strengthen the level of trust. In order to achieve the desired results, it is required to improve customs regulation with due regard to law enforcement practice, minimize the application of customs and other types of state control measures in respect of goods transported by the Member States across the EAEU customs territory, and introduce and develop the common system for customs transit.

An absolute priority is the complete elimination of existing barriers to mutual trade. We also need to pay attention to those problematic situations that do not constitute an obstacle but negatively affect the internal market.

At the same time, certain provisions of the Treaty on the Eurasian Economic Union enable the Member States to impose unilateral restrictive measures leading to the erosion of the EAEU internal market and the formation of difficult-to-predict conditions for business representatives. I believe that Article 29 of the Treaty on the Eurasian Economic Union is not dogmatic and should be adapted to present-day developments and conditions of economic activities.

The absence of a common border with the EAEU countries creates certain difficulties and economic costs for the Republic of Armenia. This is a challenge for Armenia on the one hand, and an opportunity for the EAEU on the other hand. If we manage to ensure transport, transit and administrative seamlessness with the help of state-of-the art technologies, we will have a possibility to deepen relations with interested third countries, which is a basic necessity for the EAEU future development and strengthening.

When we talk about the imperative of further economic interaction to ensure the common weal, it is necessary to take into account the important role assigned to digitalization, which becomes a key driver of the Eurasian Economic Union's economic development.

The issue of reformatting the EAEU integrated information system becomes more and more urgent. The strategic documents have already outlined the necessary steps for transiting to platform solutions. In this context, it is important to clearly define the role of the supranational regulatory body. I see no obstacles for the Eurasian Economic Commission to become a “meeting point” for a large-scale project.

The Republic of Armenia also attaches great importance to increasing the share of national currencies in trade.

In order to promote economic interests, I attach particular importance to expanding the geography of the EAEU foreign economic relations. The Observer States' involvement in implementing joint projects, mutually beneficial cooperation with interested third countries, regional and international organizations in the areas of mutual interest, in compliance with our commitments, will not only contribute to the growth of mutual trade, but will also increase the investment attractiveness of our countries.

In particular, due to its geographical location, the Republic of Armenia attaches particular importance to further practical implementation of the full-fledged agreement with Iran. The functioning experience of the interim Agreement with Iran has clearly demonstrated the attractiveness of the Iranian market as well as the prospects for further deepening of cooperation.

The progress achieved in negotiations with Egypt, the United Arab Emirates and Indonesia will soon make it possible to reach the final stage and serve as a new impetus for integrating the EAEU into the global economy.

I also welcome the development of a comprehensive dialogue on the economic agenda and the extension of trade and economic cooperation with India, as well as further work in such priority and promising areas as the People's Republic of China and the Socialist Republic of Vietnam.

One of the key components of the association's efficient development is systematic and purposeful work to continuously improve its institutional, legal and structural framework by eliminating gaps identified in the course of law enforcement practice and developing new mechanisms for the prompt resolution of emerging problems. Taxpayers of the EAEU Member States should see the tangible results of the Eurasian Economic Commission's activities and experience the benefits of interaction and economic cooperation.

The coordinated and efficient work of the Eurasian Economic Commission is essential for implementing these initiatives in full.

In this regard, I believe it necessary to improve the efficiency of the Eurasian Economic Commission, including through the selection of professional staff and continuous improvement of its functionality.

I am convinced that building up equal cooperation within the EAEU should ultimately serve to create comfortable environment for doing business and attaining the human potential in full. I count on the cooperation and assistance of the Eurasian Economic Union Member States in the practical implementation of the Armenian Chairmanship initiatives in 2024.

 

Chairman of the Supreme Eurasian Economic Council and Prime Minister of the Republic of Armenia N.V. Pashinyan