Europe stands with Armenia and its people, said Helen McEntee, Ireland’s Minister for Foreign Affairs and Trade, representing the country holding the EU presidency:
The EU has approved an initiative providing temporary trade preferences for Armenia.
“Today’s decision sends a clear message: when faced with economic coercion, the EU will respond. We will create new opportunities and stand with our partners,” she said.
The EU Council has approved a European Commission legislative initiative providing for temporary trade liberalization measures for Armenian goods.
The initiative, aimed at supporting Armenia’s economy, was placed on the EU agenda following trade restrictions imposed by Russia.
It envisages liberalizing around 80% of Armenia’s exports to the EU by temporarily suspending customs duties on imports of a broad range of goods.
The preferential regime is set to remain in effect for two years from the date the regulation enters into force.
The European Commission has allocated 34 million euros to Armenia to mitigate the impact of Russian trade restrictions on the private sector.
