Expert: Armenia's decision to join Customs Union will benefit all its members

MINSK. September 5. KAZINFORM Armenia's decision to join the Customs Union makes economic sense and will benefit all its members, Doctor of Economics, head of the economic policy sub-department at the Belarusian State Economic University, Professor Alexander Bondar said commenting on the statement by Armenia's President Serzh Sargsyan about Armenia's plans to join the Customs Union and take part in the formation of the Eurasian Economic Union.

"It is interesting and economically beneficial for Armenia and the existing members of the Customs Union. The accession of new members promises more export opportunities and will help address import-substitution targets," Alexander Bondar said. The Customs Union member states have the single customs territory with no customs duties and economic restrictions, which considerably facilitates product promotion and sales.

"Integration is gaining momentum on the group level. It is sometimes hard to penetrate the market of the European Union, but by expanding and strengthening the Customs Union we are creating our own market that might grow strong enough to rival the EU market and become its partner. Therefore, when the Customs Union strengthens its positions, there will be more areas of common interest and more opportunities to develop partner relations. We are expanding integration, building up our capacities and creating additional opportunities," the expert sai, BelTA reports.

Speaking about a possibility of Ukraine's accession to the Customs Union Alexander Bondar noted that so far Ukraine has an observer status in the Eurasian Economic Community and is an important trading partner of the Customs Union member states. The expert said that much will depend on how visible the efficiency of the Customs Union will be, because it will allow demonstrating the advantages of being a Customs Union member. "It will need time. The Customs Union will first welcome Armenia, and some time later the country will see economic advantages of its membership in the Customs Union," he said.

At present the Customs Union comprises Belarus, Russia and Kazakhstan. Ukraine's Nikolai Azarov announced Ukraine's willingness to join the Customs Union agreement on removing technical barriers in mutual trade with the CIS member states that are not members of the Customs Union.