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In 2019, for the first time, the trade turnover between Armenia and Russia exceeded the $2 billion mark, Armenia’s Deputy Prime Minister Mher Grigoryan said in his opening remarks at the business gathering titled “Armenian-Russian Economic Cooperation: Perspective Projects” in Yerevan on Monday.

He stated only a slight decline in bilateral trade turnover was recorded in 2020 despite the COVID-19 crisis.

The Armenian-Russian trade turnover amounted to $1.9 billion in the first half of this year, securing a 16% growth, Grigoryan said.

In his turn, Russian Deputy Prime Minister Alexei Overchuk said according to the Russian official statistics the trade between Armenia and Russia grew by 17.2% in the first half of 2021.

Grigoryan said during that period imports from Russia to Armenia grew by 9%, while exports of Armenian goods to Russia rose by 36%. The bulk of exports from Armenia were precious and base metals, items made from them, mechanical engineering, agriculture, light industry and chemical products.

"Obviously, thanks to the introduction of Eurasian integration programs, we have successfully reduced the negative economic and social impacts of the pandemic," he said, expressing confidence that the event will contribute to the establishment of new ties between the business community of the two countries and the implementation of mutually beneficial programs.

He said that Armenia’s trade turnover with Russia is also growing within the framework of the EAEU.

The business forum has been organized by the Armenian, Russian governments and VEB.RF, a Russian state development corporation. A number of discussions, presentations and business meetings are planned within the framework of the event.