Armenia’s CU accession may boost economic ties with Iraq

PanARMENIAN.Net - Yerevan has been hosting an exhibition of Iraqi-made goods as Armenia-Iraq business forum kicked off in the capital today (November 7.)

An Iraqi delegation led by the head of Armenian-Iraqi intergovernmental committee co-chair Ruz Nuri Shawis is participating. The delegation includes about 50 officials and 70 representatives of the Iraqi business sector. A memorandum of cooperation in construction sector will also be signed on the sidelines of the event.

The exhibit was organized through the assistance of the Ministry of Economy, Industrial Development Fund and Armenian Development Agency.

As of September 2013, the Armenia-Iraq product turnover topped $50 million, while Iraqi foreign trade turnover totals $134 billion, ARKA reported citing Economy Minister Tigran Harutyunyan.

Visa regime facilitation and establishment of air communication between the two countries may boost the product turnover, with precision engineering, pharmaceutics, biotechnologies and jewellery production as the most prospective sectors of cooperation.

In the first 9 months of 2013, Armenia-Iraq exports totaled $30 million; Iraq-Armenia imports amounted to $ 22 million, with oil product as the main import item.

At the meeting with Tigran Sargsyan, Iraqi Deputy Prime Minister Ruz Nuri Shawis congratulated the Prime Minister on Armenia’s decision to join the Customs Union, noting that the step will promote development of economic ties and implementation of new projects.

Sargsyan, in turn, noted that Armenia may promote strengthening of ties between Iraq and the CU member states.

A memorandum on deepening cooperation with the Eurasian Economic Commission (EEC) and the Republic of Armenia was signed in Yerevan on Wednesday, November 6. The document to serve as a basis for Armenia’s joining the Customs Union was signed by EEC chairman Viktor Khristenko and Armenian Prime Minister Tigran Sargsyan.