YEREVAN (UrduPoint News / Sputnik – 25th May, 2023) Armenian Prime Minister Nikol Pashinyan on Thursday confirmed Armenia's readiness to implement joint projects within the framework of the Eurasian Economic Union (EAEU).
"I would like to reiterate Armenia's readiness to consistently implement joint projects aimed at finding mutually acceptable solutions to important issues concerning the functioning of our integration association," Pashinyan said at a meeting of the Supreme Eurasian Economic Council.
The Armenian prime minister said that the capacity building of national economies is based on a competent approach to ensuring energy security. He added that the timely functioning of the common gas market of the EAEU in the long term would contribute to the formation of favorable and mutually beneficial trade conditions, ensure increased energy security and competitiveness of the member states of the union in the international market.
Pashinyan added that the hard work done by the council and the authorized bodies of the EAEU member states made it possible to identify a significant progress in the development of the regulatory framework for creating a new format for financing industrial cooperation projects.
"Financial support for joint cooperation projects in the industrial sector will give us an opportunity to stimulate individual sectors of the economies of our countries. At the same time, we consider it important to develop them in a balanced way in order to minimize the risks of stagnation or decline in activity in other sectors of the economies of the EAEU member states. That is why at the stage of project selection it is important to develop mechanisms to reduce these risks, which will give us a long-term perspective for such projects," Pashinyan said.
The EAEU, which consists of five former Soviet countries - Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia - is designed to ensure the free movement of goods, services and labor among member states, implemented through common economic policies and regulations in the areas of industry, agriculture, energy, foreign trade and investment.