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Armenia to join Customs Union: Textile sector to gain
03
Jan '14
Armenian light industry comprising of the textile and garment sector would stand to gain as the country is set to join the Russia-led Customs Union within a year.
 
In his New Year address to the nation, President Serzh Sargsyan, said “We have furthered Armenia’s economic, political and military cooperation with the Russian Federation, and next year, I am certain, we will become a full member of the Customs Union.”
 
“Armenia is creating a new reality which will make her more protected and more competitive,” he added.
 
Subsequent to Armenia’s September 2013 decision to join the Customs Union, comprising of Belarus, Kazakhstan and Russia, a memorandum of understanding on Armenia’s admission to the Customs Union was signed last month.
 
The Agreement is likely to be ready by May 2014, and is expected to be ratified by the Parliament of Armenia and also by the Customs Union’s member states in June, Prime Minister Tigran Sarkisian told reporters last week.
 
The Customs Union seeks to gather all ex-Soviet nations to form a free trade zone, on the lines of the EU.
 
Speaking in Armenian Parliament during discussion of draft state budget for 2014, Prime Minister Sarkisian said that by joining the Customs Union, Armenia would be able to obtain relative advantages in the field of light industry.
 
He informed that the Government has approved the strategy for increasing exports of textile industries, which are designed through participation and financing by the private sector.
 

Fibre2fashion News Desk - India

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