Armenia has no plans to quit EAEU, minister says

Armenia has no plans to leave the Eurasian Economic Union (EAEU), Economy Minister Gevorg Papoyan reiterated on Monday.

"There is no agenda regarding Armenia's withdrawal from the EAEU," he said in the parliament, responding to a question from opposition Hayastan faction MP Agnesa Khamoyan, who asked whether Armenia is prepared to replace its EAEU membership with the "dream of joining the European Union".

The National Assembly passed in the first reading a bill calling for the “start of a process of Armenia's accession to the European Union" in February.

"Our goal is to diversify the economy as much as possible. Diversification does not imply any action against the EAEU," Papoyan stated.

"We do not aim to replace dependence on one market with dependence on another — whether for imports or exports. Our objective is to establish multiple ties with various markets, including the EAEU, the EU, major Middle Eastern and Asian markets, and the American market," the minister added.

Papoyan also addressed a common misconception about the EAEU standards.

"There is a misconception that the EAEU standards are lower than the EU standards. That is absolutely not true. The EAEU has set very high and complex standards, aimed at ensuring the competitiveness of its member states' economies," he said.