Armenian PM Nikol Pashinyan, during a speech today at the Eurasian Supreme Economic Council meeting in Bishkek, Kyrgyzstan, said that trade between Armenia and the Eurasian Economic Union (EAEU) in the first nine months of 2022 increased by eighty percent, amounting to US$3 billion despite recent unfavorable economic conditions.

Pashinyan didn’t specify what these “unfavorable conditions” are. Given that Russia is the largest economy and trade partner for EAEU countries, Pashinyan was perhaps alluding to western sanctions against Moscow for its invasion of Ukraine.

The EAEU consists of five member states -- Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.

Pashinyan stressed the need for EAEU nations to facilitate greater cooperation in the industrial sector and announced the launch of a financial support mechanism in this direction.

He also touched on Armenia’s efforts to develop green energy renewable resources and steps to decarbonize the country’s metalworking sector.

Pashinyan, according to his office, stressed the need to expand trade and economic ties between the EAEU and other countries, noting the free trade agreements with Iran, Singapore and Serbia, and ongoing negotiations on free trade agreements with Egypt, the United Arab Emirates, Israel, India and Indonesia.