ArmInfo. The of Great Britain and Northern Ireland. Such benefits will be in effect until the end of 2026. According to Economy Minister Gevorg Papoyan, the program will show an annual growth of 15-20%.
The beneficiaries of the latter can be all processors, except for those operating in the production of cigarettes, oil products and jewelry. Compensation from the state will be equal to the amount of customs duties paid in the direction of the EU and the United Kingdom. The program was launched, according to the minister, in order to level out the difficulties that companies that previously used the GSP+ trade preference system had to face when exporting to these destinations.
He emphasized that this program is not about developing one market at the expense of another, but about strengthening the position of Armenian producers in the European market and ensuring a stable presence.
According to the RA Statistical Committee, the volume of trade between Armenia and the EU countries decreased by 11.7% in January-December 2024, amounting to $2.3 billion. At the same time, export volumes for the year decreased by 13.8% to $611.6 million, against the background of an 11% decline in imports to $1.7 billion. In total, the EU countries account for 7.7% of Armenia's total foreign trade.
According to the results of 2021, when Armenian exporters were still using the GSP+ trade preference system, the share of EU countries in the overall structure of trade turnover accounted for 18.9%. Armenia's trade turnover with the United Kingdom in January-December 2024 amounted to $98.9 million, with an annual decrease of 12.6%. At the same time, exports decreased by 58.2% to $2.4 million, against the background of a 10% decrease in imports to $96.5 million.
