ArmInfo. Armenia intends to conclude an agreement with the United Arab Emirates on trade in services and investments. The RA government considered it appropriate to sign this document at its meeting on August 7.
The rationale for the draft decision notes that the agreement is a bilateral international document, the conclusion of which was agreed upon during the negotiations on the agreement on economic partnership between the Eurasian Economic Union and its member states, on the one hand, and the United Arab Emirates, on the other. The purpose of the agreement is to liberalize the processes of trade in services and investments between the Republic of Armenia and the United Arab Emirates.
The document envisages the mutual elimination of obstacles in the sphere of trade in services and investments, increasing economic efficiency and creating favorable conditions, expanding economic cooperation and obtaining mutually beneficial benefits, as well as promoting the intensification of bilateral economic relations and the opening of new markets on both sides. The agreement will also stimulate entrepreneurial initiative by regulating the issues of promotion and mutual protection of investments. The document includes separate chapters on trade in services, investment, dispute resolution, and transparency.
In the annexes on services agreed upon during the negotiations and on the types of services included therein, the parties are ready to provide relevant benefits compared to the commitments assumed by the Republic of Armenia and the United Arab Emirates as members of the World Trade Organization.
In particular, the Armenian side will provide benefits to the Emirati side in the areas of agriculture, forestry, as well as in the areas of engineering, scientific and technical consulting, healthcare, education, environmental protection, and postal services. The Emirati side will provide benefits to the Armenian side in the areas of computer, scientific and technical consulting, equipment repair, cartography, telephony, and some simplifications are also envisaged for the provision of services in the areas of law, construction, accounting, and auditing.
