CONTEMPORARY EURASIA VIII (2) ContEurVIII2 | Page 5

SAREN ABGARYAN Western initiatives, by becoming a part of Russian lead Collective Security Treaty Organization, Eurasian Economic Union and intensifying its cooperation with the EU. 2 Although participation and contribution in seemingly opposing interests, this fact is a result of Armenia’s historical and geographical considerations. 3 This meant balancing the inherently conflicting interests of Russia and the West, while at the same time building strong economic and political ties with its immediate neighbours such as Iran and Georgia, and rising economic superpowers such as China 4 . China was one of the first countries to recognize the independence of Armenia on December 27, 1991, which was followed by the establishment of diplomatic relations between the states on April 6, 1992. Since the 1990s, the two countries have established trade relations that have seen rapid growth and development along with the development of Armenia and China’s rise to the status of a global economic giant. In 1999 in particular, Armenia’s imports from China amounted to 0.6% of its overall imports, which was equivalent to US $238,000. In the 1990s, Russia and the USA had a dominant share in imports to Armenia, with55% of overall imports. China’s share in overall imports to Armenia stayed below 1% until 2004. These statistics have changed considerably in the past decade. Armenia’s imports from China increased to 10% in 2010, and in 2016 it reached 11.29% - its highest share to date. Russia continues to maintain its predominance in Armenian imports with a 30% share and China comes in second. Thus, within last two decades, Armenian imports from China have increased from $US 238.000 to $US 364 million, which is 1,500-fold growth, and China has moved from 21st place to become the second biggest exporter to Armenia. 5 Equally significant has been Armenia’s exports to China. In 1999, China had a 0.03% share in overall Armenian exports, which grew to 11.21% in 2015, with overall exports amounting to $US 165 million. It has seen more than 1000-fold increase, which is a strong indicator of the increasing importance of China in Armenian foreign trade. 6                                                              2 Sergey Minasyan,"Multi-vectorism in the Foreign Policy of Post-Soviet Eurasian States," Demokratizatsiya 20, no. 3 (2012): 268. 3 Ibid. 4 Richard Giragosian, "Toward a New Concept of Armenian National Security," 16. 5 World Integrated Trade Solutions (WITS), Armenia Import Partner Share in percentage for all countries and regions between 1997 and 2016, https://wits.worldbank.org; see also Statistical Committee of the Republic of Armenia, http://www.armstat.am/en/. 6 WITS, Armenia Export Partner Share in percentage for all countries and regions between 1997 and 2016, https://wits.worldbank.org. 5