ArmInfo. In order to stimulate exports, the Ministry of Economy of Armenia proposes to reimburse the amounts of customs duties established upon import of goods, stipulated by the legislation of the importing country. The project was posted today on the unified portal of legal acts edraft.am.
As stated in the explanation to the document, taking into account the difficulties associated with the export of goods from the Republic of Armenia (due to weather problems and a decrease in transport potential) and, as a result, a sharp increase in the cost of transporting goods and an increase in the transport time, the Ministry of Economy proposes a project that will allow an RA resident organization or an individual entrepreneur registered in the RA to export goods produced in Armenia to EU countries, and then receive compensation in the amount of the customs duty paid there (if the importing country does not have a zero customs duty rate for this product).
The basis for calculating the amount of compensation will be the export customs value of the goods.
According to the authors of the initiative, from the point of view of long-term competitiveness, the project will ensure recognition of Armenian products in international markets, diversification of export markets, as well as ensuring and developing export promotion.
The project provides for an increase in the expenditures of the state budget of the Republic of Armenia, the Ministry of Economy noted, refraining from giving specific figures.
According to the data of the RA Statistical Committee for January-September 2024, the volume of exports reached $10.6 billion, with an acceleration of annual growth from 44.8% to 2.1 times, and the volume of imports exceeded $13.1 billion, with a less pronounced acceleration of annual growth from 46.4% to 54.2%.
This accelerated the annual growth of foreign trade turnover from 45.8% to 73.5%, ensuring a volume of $23.7 billion. And according to the budget message for 2025, this year exports and imports will grow by 16.9% and 20.6%, which will be due to the growth of economic activity and domestic demand, as well as an increase in tourist flow and re-exports. However, the financial authorities predict a decrease in the impact of exogenous factors caused by the Russian-Ukrainian conflict, in particular, due to a reduction in re-export volumes in 2025, exports will decrease by 36.6%, and imports by 33.7%.
