Russian President Vladimir Putin has noted a positive effect from the Customs Union of Russia, Kazakhstan and Belarus.

"Membership in the Customs Union and the Common Economic Space has brought tangible dividends to Russia, Kazakhstan and Belarus," he said at the Third Russian-Armenian Forum in Gyumri on Monday.

The troika's GDP grew 1.7 percent in the first half of 2013 in spite of the unfavorable economic situation of the past few years, Putin stressed. The removal of customs and administrative barriers beefs up trade. The trade turnover in the Customs Union and the Common Economic Space gained 2 percent (excluding fuel and energy deliveries) in January-August.

"Competition between national jurisdictions becomes a totally new phenomenon. Businessmen of Customs Union member countries have a right to choose the place for registration of their companies. This encourages the authorities to create comfortable conditions for business," Putin said.

The Russian president said he was confident that Armenia's accession to the Eurasian integration project "would seriously strengthen its economic potential, improve the investment climate and promote direct business contacts, including those between regions."

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