WORLD TRADE WT/MIN(96)/ST/91
12December 1996
ORGANIZATION(96-5309)
MINISTERIAL CONFERENCE Original: English
Singapore, 9-13December 1996
ARMENIA
Statement byMr.Vahram Avanesyan
Minister ofEconomy
(Speaking asanObserver)
ItisagreathonourforourdelegationtointroduceArmeniaasanobserverattheFirstMinisterial
Conference oftheWorld Trade Organization.
ThisConference isparticularly important forArmenia atthisperiod when thecountry is
implementing fundamental reforms aimed attransition toafreemarket economy. Participation of
Armenia atthismostimportant international forum means recognition ofthefactthatfastandeffective
integration intotheworld economy isoneoftheessential preconditions ofeconomic growth and
prosperity.
TheeconomicreformsthattakeplaceinourcountrydemonstratethattheGovernmentofArmenia
notonlyrealizes theimportance ofintegration intotheworld economy, butalsotakespractical strategic
steps inthatdirection.
Armeniahasalreadyfinalizedtheprivatizationoftheagriculturalland,andalsoabout70percent
ofsmall enterprises andmore than60percentofmedium- andlarge-scale enterprises havebeen
privatized. Since 1992theliberalization ofprices andtrade hasbeenunder wayandnowthecurrent
trade regime canbeconsidered among themost liberal ones. Theweighted average oftheapplied
customs tariff rates, forbothindustrial andagricultural products, isbelow 4percent. In1996 the
expected annual inflation ratewillamount to7-8percentandtheestimated budget deficit willbe
7.5percent. Atthesame timetheGross Domestic Product willincrease atabout 6percent.
Parallel totheabove developments, theinstitutional, structural andsectoral policy contributes
totheemergence ofinfrastructure andeconomic entities characteristic ofmarket economy, and
formulation ofthelegalframework establishes thebasis andscope oftheiractivities.
Theeconomic reforms areaimed attheformation oftheprivate sector andatthecreation of
allenabling conditions forentrepreneurship inArmenia. Thanks tosuchapolicy, Armenia isina
position toanticipate foreign investment thatistheonlyprerequisite forfullutilization ofthecountry 's
resources, aswellasforrealandsustainable economic development.
Armenia considers itsmembership intheWorld Trade Organization asoneofthecrucial steps
inattaining thisstrategic goal.
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Thescope andthemagnitude ofeconomic reform inourcountry, aswellasthesupport of
theWTOMembercountriesinourendeavoursallowustohopethatalreadyinthenearestfutureArmenia
willbeabletocomplete theaccession process andwillbecome afullMember oftheWTO.
BybecomingaWTOMembercountry,Armeniawillmakeitsmodestcontributiontotheprocess
ofliberalization oftheworld economy andwillbeoneofthemost earnest champions ofthis
liberalization, since thisiswhere weseetheprecondition ofeconomic prosperity ofourcountry.
Inconcluding,letmetakethisopportunitytoextendmygratitudetotheGovernmentofSingapore
andtoallorganizers oftheConference forarranging sucharesponsible andrepresentative forum at
suchahighlevel, andletmeexpress hopethatthedecisions taken attheConference willbeanother
stepinattainment oftheglobal goals oftheWTO.