Vahan Keropian, Minister of Economy of the Republic of Armenia, stated that the volume of foreign trade between the Republic of Armenia and the UAE amounted to about $561.3 million during the period from January to April of 2023, an increase of 6.4 times compared to the same period of 2022.
He stressed that the UAE is one of the main trading partners of Armenia, noting that there are many opportunities to expand the current cooperation in various economic sectors, including agriculture, tourism, food industry and energy.
He explained that the volume of foreign trade between the Republic of Armenia and the UAE exceeded one billion dollars during the period from January to December of 2022, an increase of 5.1 times compared to the same period in 2021.
In statements to Al-Bayan, he said: Armenia’s exports to the UAE amounted to $534.1 million, an increase of 7.2 times in the comparison period, while its imports from the UAE amounted to $470.9 million, an increase of 3.9 times. According to the country of destination (origin) for the goods, the value of imports amounted to $59 million, an increase of 58.4%.
He added, “Armenia’s exports to the UAE amounted to about $372.6 million at the end of March this year, registering an 8.9-fold growth. As for its imports from the UAE, it amounted to $188.7 million, registering a growth of 4.1 times. According to the country of destination (origin) for the goods, imports of oil and petroleum products amounted to $16.2 million, an increase of 26.9%.
On Armenia’s plans to boost its trade with the UAE, Keropian said: “Negotiations are now underway to conclude a free trade agreement between the Eurasian Economic Union, its members and the UAE government. Thus, the conclusion of a free trade agreement within the framework of the Eurasian Economic Union will lead to the development and strengthening of economic and trade relations through the liberalization and expansion of trade in goods. There is also an agreement with our ministry to start negotiating and concluding an agreement on trade in services and investments between the government of the Republic of Armenia and the government of the Emirates, which will aim to liberalize trade in services and promote and facilitate investments.
He added, “Partnership relations have created opportunities for increasing mutual recognition and expanding areas of cooperation, thanks to the well-established and ever-growing relations between the two countries. Armenia and the UAE have great potential to develop bilateral trade and economic relations. There are still wide unrealized opportunities for the development and development of economic relations, which must be exploited, especially since there is great interest on the part of both sides. In addition to the fact that Armenia is part of the Eurasian Economic Union and enjoys good relations with other countries, the UAE is considered a commercial center for the countries of the Gulf Cooperation Council and much wider regions, so it is easy to reach and communicate with diverse businessmen and work together.