Tuesday, 02 January 2024 12:17 GMT

EU Parliament Approves Two-Year Duty-Free Trade Measures For Armenia


(MENAFN- AzerNews) AzerNEWS Staff Read more

The European Parliament, meeting in plenary in Strasbourg, has approved the European Commission's proposal to introduce trade measures for products“Made in Armenia,” including the temporary removal of customs duties on a wide range of goods imported from Armenia into the European Union.

The European Commission's proposal was approved by the European Parliament with 583 votes in favor, 49 against and 39 abstentions, according to an Armenpress correspondent in Brussels.

Under the proposal, the EU plans to suspend customs duties on a number of Armenian products for two years.

At the same time, the EU plans to establish duty-free import quotas for eight types of Armenian agricultural products, including grapes, apricots, cherries, peaches and cucumbers.

The proposal also includes safeguard mechanisms allowing the EU to intervene if a surge in imports from Armenia has a negative impact on European producers.

The measure comes in response to restrictions imposed by Russia on a number of key Armenian export products since May 2026. These restrictions concern alcoholic beverages, mineral water, fruits and vegetables, as well as the transit of such goods through Russian territory.

According to the European Commission, the restrictions have disrupted Armenia's traditional supply chains and significantly limited the country's access to its traditional export markets. The situation has particularly affected small and medium-sized enterprises and agricultural producers, creating additional challenges for Armenia's economic resilience.

The EU views the initiative as a temporary measure aimed at supporting the Armenian economy and creating additional opportunities for Armenian exporters to access the EU market.

The next step is the formal approval of the proposal by the Council of the European Union. The regulation will enter into force on the day following its publication in the Official Journal of the European Union.

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