European Council backs temporary trade measures to support Armenia

The European Council today agreed to introduce temporary trade-liberalisation measures for Armenian products to support Armenia's economy following trade restrictions recently imposed by Russia, according to a statement, Report informs.

These measures will liberalise around 80% of Armenian exports to the EU. "This preferential arrangement comes with certain conditions and also includes safeguard measures to protect the EU market if imports adversely affect EU producers," reads the statement.

The Council endorsed the European Commission proposal without changes, clearing the way for the regulation to be swiftly adopted after the European Parliament is also expected to approve 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. 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," said Helen McEntee, Minister for Foreign Affairs and Trade of Ireland.

The European Parliament is expected to adopt its position without amendments during its September plenary session.

The preferential arrangements remain conditional on Armenia complying with the applicable rules of origin, engaging in administrative cooperation with the EU, refraining from introducing new trade restrictions on EU imports and respecting the essential elements of the CEPA, including democratic principles, the rule of law and human rights, according to the statement.