The Council of the European Union has approved temporary measures to liberalize around 80% of Armenian exports to the EU, in a move aimed at supporting Armenia's economy following recent trade restrictions imposed by Russia.
The regulation provides temporary tariff reductions for a broad range of Armenian goods, including certain agricultural products covered by tariff-rate quotas. The measures will remain in effect for two years from the date the regulation enters into force.
The new arrangement is expected to provide particularly significant relief for Armenian exports of agricultural and food products to Russia. It covers almost 99% of Armenia's fresh fruit, vegetables and plant exports to Russia, as well as more than 91% of its drinks and spirits exports.
The agreement is subject to conditions designed to balance support for Armenia with protection of the EU market. It includes safeguard mechanisms that can be used if increased imports from Armenia cause or threaten to cause adverse effects for EU producers.
The Council adopted the European Commission's proposal without amendments, allowing the regulation to move quickly toward formal adoption and implementation.
