PROSPECTS OF REGIONAL ECONOMIC INTEGRATION FOR ARTSAKH CONSIDERING THE OPPORTUNITIES PROVIDED TO ARMENIA

Abstract

After joining the World Trade Organization (WTO) in 2003, Armenia further opened its market for trade, which, however, is still limited by high transport costs due to the country's geographical location and partially closed borders. Trade of goods passes mainly through the territory of Georgia. In 2015, Armenia joined the Eurasian Economic Union (EEU), which provides member countries with unhindered access to the Armenian, Russian, Belarusian, Kazakh and Kyrgyz markets. Since June 2018, the country has signed a number of bilateral and multilateral trade agreements, including with Georgia and Japan, as well as the Comprehensive and Enhanced Partnership Agreement with the United States and the EU (EU, 2020). For a small country, the volume of exports and imports of goods and services is large, accounting for 91.3 percent of GDP in 2018 (World Bank, 2020c), and exports of goods and services accounted for 38.5 percent of GDP.