The Council of the European Union on Wednesday agreed to introduce temporary trade-liberalization measures for Armenian products to support Armenia’s economy following trade restrictions recently imposed by Russia.
The measures will liberalize around 80 percent of Armenian exports to the EU, the Council said in a press release.
It added that the preferential arrangement comes with certain conditions and also includes safeguard measures “to protect the EU market if imports adversely affect EU producers.”
The Council endorsed the European Commission proposal without changes, clearing the way for the regulation to be swiftly adopted if the European Parliament also approves the proposal without amendments.
“Europe stands with Armenia and its people, who have chosen a clear path for reform and closer cooperation with the European Union,” Helen McEntee, Minister for Foreign Affairs and Trade of Ireland, said, as quoted by the Council of the EU.
The regulation introduces a temporary suspension of import duties for a broad range of Armenian products, including selected agricultural products subject to tariff-rate quotas. The measures will apply for two years from the regulation’s entry into force and will cover almost 99 percent of Armenia’s exports of fresh fruit, vegetables and plants to Russia and more than 91 percent of beverages and spirits.
The proposed regulation is intended to support Armenia after trade restrictions imposed by Russia have disrupted Armenian exports and transit routes. It also aims to strengthen EU-Armenia trade relations in line with the Comprehensive and Enhanced Partnership Agreement (CEPA).
