The European Union is preparing to grant duty-free access for around 80% of Armenia's exports to the EU, a move aimed at strengthening the country's economy and accelerating trade diversification.

Speaking alongside Armenian Prime Minister Nikol Pashinyan in Yerevan, European Commission President Ursula von der Leyen said the initiative would deepen economic ties between Armenia and the European Union, The Caspian Post reports via Interfax.

"No country should be pressured because of its sovereign choices," von der Leyen said. "That is why the EU is stepping up its support by providing €52 million in assistance and proposing duty-free access for 80% of Armenia's exports to the European Union. Armenia can count on us."

She noted that the measure would help redirect products currently destined for the Russian market to the EU's single market, giving Armenian exporters access to 450 million consumers.

According to von der Leyen, the proposal would provide duty-free entry for nearly 99% of Armenia's fresh agricultural products and about 90% of its beverage and alcoholic drink exports to the European market.

To speed up Armenia's trade diversification, the European Commission will send a team of experts to the country by mid-July to work directly with local producers and exporters, assisting them to expand into EU markets.