Armenian businesses need to maintain the Russian market but also seek alternatives in Europe: UIEA Chairman
YEREVAN, May 13. /ARKA/. Armenian entrepreneurs must thoroughly study and prepare for entering the large European market, as economic diversification is urgently needed. This was stated by Arsen Ghazaryan, Chairman of the Union of Industrialists and Entrepreneurs of Armenia (UIEA), during an expanded meeting of the organization's Board.
He noted that diversification has been discussed for some time, but no practical steps have been taken.
According to the UIE Chairman, under current conditions, companies operating in the Russian market must be prepared for any fluctuations.
He is convinced that the historically partnered Russian market is indispensable for Armenia's economic structure in its current state, and efforts must be made to preserve it. At the same time, it is necessary to simultaneously focus on European and other markets to address new times, challenges, and problems.
"As a public organization, we will strive to facilitate the search for alternatives and a foothold in new markets through our international relations, forums, and work with industrialists' unions in specific countries," noted Kazaryan.
Armenia-EAEU-EU: Key Points
The Treaty on Armenia's accession to the EAEU entered into force on January 2, 2015. The Union includes Belarus, Kazakhstan, Kyrgyzstan, and Russia.
According to the latest data from the Armenian State Statistics Service, in the first quarter of 2026, Armenia's trade turnover with the EAEU amounted to $1.41 billion, a decline of 15.6%, while with the European Union it was $763.2 million, an increase of 54.3%.
On March 26, 2025, the Armenian parliament approved the law on the country's accession to the European Union. The document was signed by the president on April 4.
On December 2, 2025, in Brussels, the parties approved the strategic agenda for the Armenia-EU partnership. Yerevan stated that this is about supporting the country's sovereignty, territorial integrity, democratic reforms, and economic sustainability.
According to Prime Minister Nikol Pashinyan, Armenia is moving toward EU standards but will for now maintain membership in the EAEU. If combining both approaches becomes impossible, the country's citizens will make the final decision.
On May 4, 2026, the European Political Community Summit was held in Yerevan. Representatives of EU countries, other European countries, and international organizations participated. The main theme of the summit was "Building the Future: Unity and Stability in Europe."
On May 9, Russian President Vladimir Putin stated that Armenia should decide as soon as possible whether to join the EU or the EAEU "for an intelligent divorce."
