ArmInfo. The Council of the European Union has officially approved temporary trade liberalization measures for 80% of Armenian products, aimed at supporting the Armenian economy following trade restrictions imposed by Russia. This is stated in the Council's decision.
According to the decision, approximately 80% of Armenian exports to the European Union will receive trade preferences: import duties will be suspended on a wide range of goods, including certain agricultural products. The temporary preferential regime will be in effect for two years. The Council of the EU noted that the new measures will help support and strengthen trade flows from Armenia to the European Union in line with the objectives of the Comprehensive and Enhanced Partnership Agreement (CEPA).
The mechanism also provides for certain conditions and safeguards for the EU market in the event that imports of Armenian products have a negative impact on European producers. The Council's decision was adopted following the unamended approval of the European Commission's proposal by the European Parliament.
