YEREVAN, MAY 20, ARMENPRESS. The regular session of the Eurasian Intergovernmental Council took place in Yerevan on May 20. Narrow format session of the Council was followed by an expanded format.

As “Armenpress” was informed from the press service of the Armenian Government, Prime Minister of Armenia Hovik Abrahamyan greeted the present and mentioned that in the current phase of the development of the EAEU a dynamic tendency of establishing common service and good market is evident.

“Solid contractual basis are set and mechanisms for deepening the partnership are being elaborated. The coordinated work in this direction will undoubtedly contribute to the social-economic development of our countries, will increase the competitiveness of our economies and their place in the global economy”, Hovik Abrahamyan said.

The Armenian PM highlighted the expansion of cooperation in international and other formats, as well as EAEU’s closer economic cooperation with third countries which will boost the development of the Union. In this context, the PM focused on the issue of cooperation with China, noting that the ratification of a legal document of partnership with China will not only boost trade volumes, but will also attract investments for the implementation of major projects, as well as diversify logistic capacities.

From this perspective, Hovik Abrahamyan referred to the Chinese initiative of creating the “Silk road” economic zone, which will link Europe and Asia through different routes, including through Armenia, India and Iran. PM Abrahamyan stated that Armenia, being the only EAEU member state sharing land border with Iran, is ready to assist the implementation of the project.

Hovik Abrahamyan also spotlighted the issue of establishing common EAEU markets, which will help to eliminate the still existing obstacles facing the movement of goods, as well as accelerate the pace and volumes of economic cooperation between the member states of the Union. Hovik Abrahamyan particularly emphasized the importance of creating a common crude and oil market.

The Prime Ministers of the Union member states introduced their proposals and priorities, as well as discussed issues of deepening the existing partnership. Establishment of a common crude and oil market, cooperation with third countries, rapid adoption of the EAEU Customs Code were the main issues of the agenda. A number of documents regulating better partnership between the countries were signed.

An agreement was reached to hold the next meeting of the Council on August 12, in Sochi.