Hayrapetyan Viktoriya, Economic Relations between Armenia and the EU within the framework of Eastern Partnership

In the nearest future a new agreement will be concluded between the EU and Armenia that aims at further developing and strengthening their comprehensive cooperation in all areas of mutual interest, taking into account the other international commitments of Armenia, in particular its decision to join the EEU. In our paper we analyze the present conditions of the bilateral trade flows between the RA and the EU, and the flows of investments from the EU to the RA, aiming to reveal the base for further development of economic relations between the RA and the EU. The EU has always been one of the leading economic partners of Armenia since its independence. We found that the main characteristics of the RA-EU economic relations are 1) geographical (by-country) concentration – 5 European countries covered in 2014 above 95% of the total Armenia’s export to the EU; and 7 EU countries covered in 2013 about 94% of gross inflow of foreign investments from the EU into the RA; 2) raw-material orientation of both export flows from Armenia to the EU and investments from the EU into the Armenian economy. Thus, Armenian government should make efforts in the line of reimaging of Armenia for European business from raw-materials base to provider of manufactured products.