Armenia’s accession to the Customs Union (CU) will provide groundwork for an increase in joint Belarusian-Armenian companies, Assistant Professor at the Department of International Economic Relations of Belarusian State University, Elena Semak said, according to BelTA.

Semak said there are currently 25 operators of the distribution network and two joint companies, Armenian-Belarusian Trading House and BelAZ Caucasus Trans Service, in Armenia.

With Armenia as a CU member state “we will continue expanding trading relations, opening joint companies,” Semak said, quoted by BelTA.

According to her, trade between Belarus and Armenia has a great potential for growth. Belarus’ main exports to Armenia include products of engineering and chemical industry. Armenia exports to Belarus liqueur and spirits, tobacco, fruit and vegetables.

Semak also named a number of advantages that the CU membership opens to Armenia. One of the main benefits, according to her, is industrial cooperation, which is able to improve the country’s export potential.

The expert believes that the Customs Union means bigger investment for Armenia from the CU member states. Russia has 1,300 companies in Armenia alone. “Once the project is launched, Russia will intensify its presence in Armenia, modernizing companies, opening new firms, putting more investment in equipment and infrastructure,” she said.