EU Council approves temporary trade liberalization measures for Armenian exports

The European Council has approved temporary trade liberalization measures providing for the elimination of import duties on around 80% of Armenian exports to the EU, Report informs, citing the Council's website.

The measures are aimed at supporting Armenia's economy following the trade restrictions imposed by Russia and will remain in effect for two years.

Under the new regime, import duties on a wide range of Armenian goods, including certain types of agricultural products, will be suspended.

The European Council noted that the measures will contribute to maintaining and strengthening trade flows from Armenia to the European Union in line with the objectives of the Comprehensive and Enhanced Partnership Agreement (CEPA).

At the same time, certain conditions and safeguard measures have been envisaged for the EU market in the event that imports have a negative impact on European producers.

The final decision was adopted after the European Parliament approved the European Commission's proposal at a plenary session.

The regulation must now be signed and published in the Official Journal of the European Union. It will enter into force on the day following its publication and will apply for two years.