MARKET AND FOREIGN TRADE

Overview

Armenia is pursuing a multi-vector foreign trade policy, with the government consistently working towards diversifying its export destinations. While Armenia’s domestic market may appear limited with a population of 3 million consumers, the country serves as a gateway to significant markets. It enjoys access to a consumer market with 1 billion people with 0% or reduced customs duties.

EAEU Membership

Armenia became a member of the Eurasian Economic Union in 2015, gaining access to a range of benefits provided by the Union to its members and companies operating within the region.

Free Movement

The EAEU creates a common market where goods and services can flow freely among member states without customs duties, non-tariff barriers and technical regulations.

Common Customs Territory

Member states of the EAEU operate under a common customs territory, which allows for a unified approach to customs regulations, procedures and controls.

Mutual Recognition

The EAEU promotes the mutual recognition of certificates, licenses and other relevant documents among member states.

Coordination of Policies

The EAEU seeks to coordinate macroeconomic policies among member states to ensure stability and sustainable development.

Consumer Market

184,000,000

Being a member of Eurasian Economic Union, Armenia has an unlimited access to a market of 184 million consumers.

Member countries

Preferential Trade Regimes

Free Trade Agreements Within the Framework of the EAEU

Within the framework of the EAEU, Free Trade Agreements are in place with Vietnam, Singapore, Serbia and Iran (interim).

Separate Free Trade Agreements

Armenia also holds separate Free Trade Agreements with the CIS countries and Georgia.

GSP Regimes

In addition, Armenia benefits from GSP regimes with the United States, Japan, Canada, Switzerland and Norway for a wide range of approximately 3,500 products.

Gross Domestic Product

$ 23,500,000,000

Armenia’s GDP in 2023 was estimated to be around $23,5 billion, with a per capita GDP of approximately $8,168.

Export Growth

Main Exports

Major Export Destinations

Armenia consistently expands its export destinations, showcasing a multi-vector approach. Neighboring countries and EAEU members receive nearly half of the Armenian exports. EU countries have traditionally been the second-largest market. In line with diversification efforts, exports to Gulf Countries and China have recently experienced substantial growth.