The EU Council approved trade preferences for Armenia

The Council of the European Union has officially approved temporary trade liberalization measures for Armenian goods. The decision is intended to support Armenia’s economy following the recent trade restrictions imposed by Russia.

The new regime provides for the elimination of import duties on a wide range of goods. In total, the liberalization measures will cover about 80% of Armenia’s exports to the EU, including certain types of agricultural products.

The temporary preferential regime will remain in effect for two years from the date the relevant regulation enters into force.

The Council of the EU noted that the new measures are intended to support and strengthen trade flows from Armenia to the European Union in line with the objectives of the Comprehensive and Enhanced Partnership Agreement (CEPA).

At the same time, the preferential regime provides for certain conditions and safeguard mechanisms for the European market. These may be applied if an increase in imports of Armenian goods negatively affects producers in EU countries.

The European Council’s final approval was preceded by a positive vote in the European Parliament. MEPs supported the European Commission’s proposal without any amendments.

The next step will be the signing of the regulation and its publication in the Official Journal of the European Union. The document will enter into force the day after its publication.

The preferential trade regime will apply for two years from the date the regulation enters into force.

This was reported by the Council of the EU on September 24.

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