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Armenia Signs Up For Moscow-Led Economic Union

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  • Armenia Signs Up For Moscow-Led Economic Union

    ARMENIA SIGNS UP FOR MOSCOW-LED ECONOMIC UNION

    Yahoo News
    Oct 10 2014

    Armenia on Friday officially signed up to a Russian-led economic
    union, cementing a deal that will see the former Soviet country turn
    its back on closer ties with Europe.

    President Serzh Sarkisian signed the agreement to join the Eurasian
    Economic Union at a meeting of regional heads of state in the
    Belarusssian capital Minsk.

    "We consider the Eurasian Economic Union as the fundamental format
    for developing the most predictable and profitable relations for our
    country," Sarkisian told the gathering.

    The Caucasus nation of 3 million is now set to join Russia, Belarus
    and Kazakhstan in the economic bloc when it comes into force at the
    start of next year.

    The project builds on an existing customs union between those three
    countries and has been championed by Russian President Vladimir
    Putin as he seeks to restore ties between remnants of the former
    Soviet Union.

    Under pressure from Moscow, Armenia last year ditched plans to sign
    a pact on closer trade and diplomatic ties with the European Union.

    Landlocked, and cut off from trade with its neighbouring foes Turkey
    and Azerbaijan, Armenia is heavily reliant on its ties to Russia.

    Remittances from citizens living there make up a sizeable chunk of
    its economy.

    It also counts on its ex-Soviet master for arms supplies for its
    festering conflict with Azerbaijan over the disputed Nagorny Karabakh
    region.

    Last November, a move by Ukraine to ditch key political and trade
    agreements with the EU in favour of closer Russian ties set off
    bloody protests that led to the ouster of Kremlin-backed leader
    Viktor Yanukovych.

    Russia responded by annexing Crimea from Ukraine in March and throwing
    its support behind rebels in the east, but Kiev's new pro-Western
    leadership has signed the landmark deal with the EU and sought to
    sever institutional ties to its Soviet past.

    https://en-maktoob.news.yahoo.com/armenia-signs-moscow-led-economic-union-184826208--finance.html

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