Armenia's EEU membership sets good model – Russian official

A Russian official in charge for Eurasian integration issues on Friday expressed her content with Armenia’s Eurasian Union accession process, considering it an exemplary model for other future members.

At a workshop organized by the Union of Manufacturers and Businessmen, Tatyana Valovaya, a board member of the Eurasian Economic Commission’s Macroeconomic Policy Department, shared her forecasts of country’s possible benefits after integration into the economic bloc. “We have arrived at the conclusion that this economic union has a purely economic value; we do not speak of its political significance. All the partner countries are equipotent here; all the decisions in the Union will be made with united efforts. We do not make any distinction between small and big countries. Our union is a union of countries with truly equal rights,” she said. 

Volovaya further stressed the importance of ensuring free movement of goods, services and capital among the member states.

“There are almost no obstacles today in terms of the movement of goods. What’s missing are basic joint markets in several restricted areas - such as alcohol and medical products - but there is already positive dynamics in these sectors too, with negotiations being in process among the member states,” she added.

“We are now carrying out a great deal of work on the services market. We did not have an agreement that would allow us to launch a market of services, but we have now set a task and have to create a joint market in this sector. If one development company, for instance, obtains license in one country, it must be able to render similar services across the EEU without undue procedures.”

Valovaya further unveiled plans for launching a united financial services market in 2025. “That means that any Central Bank-licensed bank in Armenia will have an opportunity to function across the EEU. Armenia may thus become for us a financial center in the region,” Volovaya added.

Addressing the free movement of the labor force, the Russian official stressed the importance of facilitating residence procedures for member states by lifting the requirements for migration cards and employment permission. “It is enough to find only a job corresponding to one’s profession and to work without any restrictions. We have outlined several clauses in the agreement to give it a practical value instead of just declarative provisions. What I mean is the mutual recognition of diplomas and medical and social insurance. Of course, we have a lot to do here,” she added.