ArmInfo. The state will support exporters in the Armenian processing industry to access the markets of EU countries and the United Kingdom, as stated by Minister of Economy Gevorg Papoyan in an interview with Public Television.
He noted that the Ministry is launching a temporary program (until the end of December 2026), within the framework of which the state will reimburse businesses for the duties paid to enter these markets, with a maximum compensation threshold of 20%. Papoyan noted that 90% of processed products eligible for export to the EU market fall under this category. The compensation amount is estimated to be between 10 to 15 billion drams. The program is aimed at exporters producing economically complex products with high added value and significant economic impact such as food products, dairy, alcoholic beverages, textile industry, clothing, footwear, aluminum foil, electrical equipment, high-tech industry, pharmaceuticals, chemical industry, etc. However, jewelry industry and tobacco manufacturers are excluded from the program.
It should be noted that according to the Statistical Committee of the Republic of Armenia, the volume of trade between Armenia and EU countries decreased by 14.1% in January-November 2024, amounting to $ 2.1 billion. During the same period, export volumes decreased by 18.6% to $ 551.8 million, while imports declined by 12.4% decline to $ 1.6 billion. In total, EU countries now account for 7.5% of Armenia's total foreign trade. At the end of 2021, when Armenian exporters still had access to the GSP+ trade preference system, the share of EU countries in the overall structure of trade turnover was 18.9%. Armenia's trade turnover with the United Kingdom in January-November 2024 amounted to $90.8 million, showing 12.8% decrease. At the same time, exports to the UK decreased by 57.1% to $2.3 million, while imports decreased by 10.3% to $88.5 million.
