Armenia will Only Benefit from Co-Relation of Eurasian Economic Union and Silk Road Economic Belt

• 05.12.2015, 19:50
• Naira Mkrtchyan
•  "Insight" Analytical Center

On May 8 during the visit of Chinese President Xi Jinping to Moscow to participate in the events of the 70^th anniversary of Victory of Great Patriotic War, many documents were signed to deepen cooperation between Russian Federation and Peoples Republic of China. Among them joint statement on the co-relation of the Russia-led Eurasian Economic Union [EAEU] and the China-led Silk Road Economic Belt is to be identified.

In the joint-statement the sides supported the start of the mechanism for dialogue on the co-relationof the Russia-led Eurasian Economic Union (EEU) and the China-led Silk Road Economic Belt. The sides also committed themselves to contributing to the organization  of expert discussions on issues related  to cooperation that will lead to the establishment of common economic space.

It is to be mentioned that common economic space is a next step of cooperation after free economic zone and customs union. By the way both presidents stated that the establishment of common economic space is a long term goal for them. After signing the document Russian President Vladimir Putin underlined during a press conference that the EEU and the China-led Silk Road Economic Belt can perfectly complement each other.

In fact co-relating these two integration models Russia and China go to a new level of cooperation that presupposes common economic space in the whole Eurasian continent. By the way one of the main goals  for China to undertake this initiative is to reduce the time spent on transfer of goods from China to Europe. According to different estimations the time of 45-60 days, necessary today, can be reduced to 10-13 days.

As for the EEU member Armenia, it will only benefit greatly from the integration of these two huge projects. Our country, as a transit point for the road from East to West, can play an important role in transfer as well as  in exchange of goods; the fact that will in its turn contribute to the development of the RA economy.