Trade volume between Russia, Armenia to reach USD14B in 2024

(MENAFN) Russian President Vladimir Putin announced on Tuesday that the trade turnover between Russia and Armenia is expected to reach a historic high of over USD14 billion this year. This optimistic projection was shared during a meeting with Armenian Prime Minister Nikol Pashinyan, which took place on the sidelines of the Commonwealth of Independent States (CIS) leaders' summit in Moscow. Putin highlighted that last year's trade volume was recorded at USD7.4 billion, but it experienced a remarkable surge of 2.5 times in the first half of this year, surpassing USD8.3 billion.

If the current growth trend continues, Putin anticipates that the trade turnover could range between USD14 billion and USD16 billion, marking an unprecedented level in bilateral trade relations. This robust increase in trade activity signals not only strengthening economic ties between the two nations but also reflects broader regional trends in trade dynamics. The Kremlin's statement underscores the importance of this partnership as both countries navigate their economic challenges.

Additionally, Putin emphasized Russia's significant role as the foremost foreign investor in Armenia, with cumulative investments totaling approximately USD4 billion. He noted that the ongoing efforts within the intergovernmental commission and the business council have been producing favorable outcomes, enhancing collaboration between the two nations. This financial commitment from Russia indicates a strong willingness to support Armenia's economic development and stability.

Humanitarian cooperation was another vital topic discussed during the meeting, particularly in the educational sector, where Pashinyan expressed a desire to bolster collaboration. He also highlighted the increased political dialogue in recent months, referencing the visits of high-ranking Russian officials, including Prime Minister Mikhail Mishustin and Deputy Prime Minister Alexey Overchuk, to Armenia. Pashinyan viewed this meeting as an opportune moment to reflect on the fruitful discussions held during those visits, demonstrating the growing political rapport between the two nations. The CIS, established in 1991, continues to serve as a platform for fostering collaboration among former Soviet republics as they operate as independent states.

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