The EU Council, at the level of Coreper II ambassadors, has approved a legislative initiative providing for the temporary suspension, for two years, of customs duties applied to a broad range of Armenian goods and the liberalization of around 80% of exports from Armenia to the EU.
Application of the preferential regime will be conditional on meeting a number of requirements. Armenia must comply with rules of origin, refrain from introducing new restrictions on goods imported from the EU, and respect the fundamental principles enshrined in the EU-Armenia Comprehensive and Enhanced Partnership Agreement, including democracy, the rule of law, and human rights.
The proposal must still receive formal approval at an upcoming session of the European Parliament, after which the EU Council will endorse it. The regulation will then be adopted and enter into force on the day following its publication in the Official Journal of the European Union.
The European Commission has allocated 34 million euros to Armenia to mitigate the impact of Russian trade restrictions on the private sector. The financial assistance is the first tranche of a comprehensive support package announced by European Commission President Ursula von der Leyen, which includes trade facilitation and solidarity measures aimed at strengthening Armenia’s economic resilience.
