President of Armenia Serzh Sargsyan said that the Eurasian Economic Union’s potential in responding to social and economic challenges was not fully realized yet.

The President shared this statement while delivering a speech at the meeting of the Supreme Eurasian Economic Council on December 26 in St. Petersburg.

“As a result, the business and citizens’ expectations from foundation and activity of the union relating to its role in modernization of economies and improvement of living conditions remain unrealized. The legal base is formed partly, but limitations on use of integration potential are still present, which we believe doesn’t allow operative response to worsening of situation in global economy. In one word, we still have many open questions despite notable progress,” Armenian President noted.

Serzh Sargsyan said the union ought to move in two key directions.

“The first one is demolition of remaining obstacles on the way of full liberalization of “four freedoms” and development of integration within the union. The second is more efficient incorporation of national economies of the union’s member states in global trade system,” President Sargsyan observed.

He stated that in this context adoption of the Customs Code “is a significant step towards further integration, as it marks the transition to common customs regulation throughout the entire economic union”.

Serzh Sargsyan also touched upon perspectives of cooperation between EAEU and Iran.

“During Iranian President’s recent official visit to Armenia we discussed substantially perspectives of deepening commercial relations between EAEU and Iran, including the issue of a free trade zone. In particular, we reviewed multiple opportunities of mutually profitable cooperation, which will open to business entities of our countries and Iran. President of Iran expressed interest in signing a temporary agreement with EAEU that would lead to formation of a free trade zone,” Serzh Sargsyan said.