ARMENIA-RUSSIA TRADE AND ECONOMIC COOPERATION ANALYSIS

Abstract

Introduction. In the context of the modern global economy development, it is essential to particularly develop regional integration associations, to strengthen trade and economic relations between the countries at the regional level. Trade and economic cooperation between Armenia and Russia bears a long-term and strategic nature, and the analysis and assessment of these processes are currently essential aspects in terms of the development of both economies. The last few years, which have been accompanied by a high degree of uncertainty, frequent external shocks and turbulence in the global economy, have given even greater relevance to the topic of research. All the above-mentioned determine the need to strengthen regional integration and its role in the global economy. In this context, the analysis and assessment of trade and economic cooperation between Armenia and Russia at the current stage of development of the countries becomes relevant.

Materials and methods. The analysis is based on a review of the statistical data describing trade and economic relations between Russia and Armenia in the medium-term retrospective. The analysis took into account the key channels of trade and economic ties between both countries in the context of the world economy development at the present stage.

Results and conclusions. The Armenian economy is highly dependent on imports, a chronic negative balance of foreign trade in goods being obvious. Over the past two years, there has been a doubling of export and import volumes with a reduction in the negative trade balance, which can be considered a positive trend in terms of Armenia's trade balance. Russia occupies a confident leading position in Armenia's trade balance, which makes it possible to consider Russia a key trading partner of Armenia today. The results of the statistical analysis of trade and economic relations between Armenia and Russia indicate great potential in terms of expanding foreign trade ties and export-import interaction. At the same time, the relatively low level of diversification of Armenia's exports and imports in foreign economic relations with Russia seems obvious.

Discussion. The key conclusion of the study was the thesis on the necessity to increase the diversification of trade and economic relations between Armenia and Russia and to increase the role of such strategic industries as knowledge-intensive production, exchange of experience in the field of innovation and development of human capital, strengthening Armenia's export positions in the commodity markets of Russia and vice versa.