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The European Union has announced temporary measures to further liberalize trade in Armenian goods, aiming to support Armenia’s economy following trade restrictions imposed by Russia.
The Council of the European Union said that the measures would liberalize around 80% of Armenian exports to the European market, Interfax reports.
The move was welcomed by Ireland’s Foreign Minister and President of the Council of the European Union, Helen McEntee, who said Europe was supporting Armenia and its people as the country pursues reforms and closer cooperation with the European Union.
The preferential trade arrangement comes with certain conditions and includes safeguards to protect the EU market if increased imports negatively affect European producers.
According to the Council, the measures will remain in place for two years after the regulation enters into force. They are expected to cover almost 99% of Armenia’s exports of fresh fruits, vegetables and plants to Russia, as well as more than 91% of exports of non-alcoholic and alcoholic beverages.
The European Parliament is expected to approve the measure without amendments during its September session. Once formally adopted, the regulation will enter into force the day after its publication in the Official Journal of the European Union.
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