The European Parliament approved temporary Autonomous Trade Measures for Armenian products by 583 votes to 49, with 39 abstentions, Factor.am reports.
The vote follows the European Union Council’s approval of the legislative initiative at the level of Coreper II ambassadors on September 2. The measure provides for a two-year suspension of customs duties on a broad range of Armenian goods and is expected to liberalize about 80% of Armenia’s exports to the EU.
A day later, on September 3, the European Parliament’s Committee on International Trade backed the proposal by 35 votes in favor, two against and three abstentions. The proposal grants trade preferences and temporarily liberalizes customs duties on goods exported from Armenia to the European Union.
It had previously been reported that the regulation would enter into force on the day after its publication in the Official Journal of the European Union and would apply for two years from that date.
The temporary suspension of duties will not be unconditional. To benefit from the preferential regime, Armenia must comply with rules of origin, ensure administrative cooperation with the EU and refrain from introducing new trade restrictions on goods imported from the European Union.
Armenia will also have to respect the fundamental principles of the EU-Armenia Comprehensive and Enhanced Partnership Agreement (CEPA), including democracy, the rule of law and human rights.
The European Commission proposed the initiative after Armenian goods were barred from export to the Russian market. Brussels says the measures are intended both to ease the impact of Russia’s restrictions and to strengthen EU-Armenia trade ties within the framework of CEPA.
