Both India and Armenia are developing countries. Despite
the fact that Armenia is smaller with its population, territory, trade volume,
it is a country situated in a region bridging Europe and Asia. India is the 6th
largest economy in the world and has serious economic aspirations not only in
South Asia but in whole Asia and the world as well. In the scope of this essay the
recorded achievements in bilateral economic relations will be presented and perspectives
of future development will be mentioned.
Since the establishment of diplomatic relations in 1992
dozens of documents have been signed between the sides including agreements on
trade and economic cooperation, economic and technical cooperation,
encouragement and protection of investments, cooperation in the field of
agriculture. The establishment of Armenian-Indian Excellence Center in
Information and Communication Technologies in 2010, Armenian-Indian Business
Council in 2011 were important steps. Indo-Armenian Friendship NGO established
in 2009 announces one of its aims is to ''strengthen socio-economic ties and
trade engagement for a prosperous future with great emphasis on bilateral
engagement''.
As of 2016 India was one of Armenia's top 10 import
partners and had exported products worth $70 mln. Armenia's exports to India
were more modest, worth $1,5 mln. It's quite understandable why the trade is in
favour of India. It has more powerful economy, much to offer and is for the
most part self-sufficient. As for Armenia, it's highly dependent on foreign
imports.
Now about bilateral visits at state level. In April 2017
Indian Vice President Mohammad Hamid Ansari visited Armenian where he had
meetings with the President Serzh Sargsyan, Prime Minister Karen Karapetyan and
Minister of Foreign Affairs Edward Nalbandyan. Karapetyan suggested targeting
two areas in economic cooperation: exchange of technologies and agriculture. It
was mentioned that Indian businesses have ability to invest outside of India
and they would find out new opportunities for interaction. In November 2017
Armenian President Serzh Sargsyan visited India where he participated in World
Food India Conference and attended the exhibition, had meetings with the Prime
Minister Narendra Modi, Vice President Venkaiah Naidu, President Ram Nath
Kovind. Sargsyan congratulated India for becoming a strong power in global food
market and a leading exporter in the sphere of agriculture. Days after the
visit Armenian government adopted a decision according to which the citizens of
India will be able to travel to Armenia with facilitated visa regime. The
touristic flows had increased in the first half of 2017 compared to the same
period of the previous year. The decision will make Armenia more attractive and
preferable destination for Indian tourists.
An Indian Organic Shop functions in Yerevan where organic
cosmetics, herbal products, teas, spices, clothes, jewelry, souvenirs and much
more are sold. Taj Mahal shop of Indian products waits its costumers again in
Yerevan. The first exhibition-fair of Indian products was organized here in
2005, since then the number of participants and brands presented has increased.
Exhibition-fairs have also been opened in the cities of Gyumri, Aboyan, in
Artsakh.
Perspectives of bilateral economic relations at state
level can be the followings:
·
enhance the agenda of Intergovernmental Commission for
cooperation on trade and economy
·
promote cooperation at multilateral level (Armenia is a
member of Eurasian Economic Union and has signed Preferential Trade Agreement
with the EU)
·
conclude India-Eurasian Economic Union FTA (Free Trade
Agreement)
·
make Meghri Free Economic Zone, bordering Iran and
Meridian Jewelry Free Economic Zone effective platforms for Indian invetstments
·
regard Armenia as a transit point for shipping Indian
products to Russia and European countries
·
increase the participation of businessmen in the bilateral
business council
·
organize high level visits to fully discover the
potential of cooperation and determine the dimensions
·
open Indian exhibition-fairs in Armenia and Indian
exhibition-fairs in India to raise mutul awareness, exports and to introduce
both markets
As a conclusion, we can say that much has already been
done and much has to be done in the future. The willingness of both parties will
be the most important basis for further cooperation.
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