Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Monday, January 22, 2018

Eurasian Economic Union will benefit Armenian economy

Fedor Bulygin, the deputy head of the Russian Federal Agency for Technical Regulations and Metrology, said on Monday that the Armenian economy will be positively affected by new standards of the Eurasian Economic Union (EaEU) in Armenia.

Bulygin made the announcement at a gathering in Yerevan, looking into preparations for the enforcement of technical requirements of the Russian-led economic bloc, ARKA reports.

"Armenia's impending accession to the Eurasian Economic Union will be a landmark event and will prompt other countries to seek membership in the trade bloc," Bulygin said, according to ARKA.

The systems were developed during Soviet times, which should make the system of standards safe in Armenia, according to Andrei Lotsmanov of the Russian Union of Industrialists and Entrepreneurs.

Arsen Ghazaryan, the head of the Union of Armenian Industrialists and Entrepreneurs, also spoke at the event. He said the single system of standards and certification will make Armenian products more competitive in Eurasian markets and that no cardinal changes are expected as it transitions away from the previously adapted CIS technical standards, ARKA reports.