Europe stands with Armenia and its people, Helen McEntee, Ireland’s Minister for Foreign Affairs and Trade, representing the country holding the EU presidency, said while commenting on the decision adopted by the Council of the European Union at the level of Coreper II ambassadors.
The EU has approved an initiative providing temporary trade preferences for Armenia, Factor.am reports.
“Today’s decision sends a clear message: when faced with economic coercion, the EU will respond. We will create new opportunities and stand with our partners.
“Europe stands with Armenia and its people, who have chosen a clear path of reform and closer cooperation with the European Union,” she said.
The EU Council has approved a European Commission legislative initiative providing for temporary trade liberalization measures for Armenian goods.
The initiative, aimed at supporting Armenia’s economy, was placed on the EU agenda following trade restrictions imposed by Russia. It envisages liberalizing around 80% of Armenia’s exports to the EU by temporarily suspending customs duties on imports of a broad range of goods.
The preferential regime is set to remain in effect for two years from the date the regulation enters into force. On Sept. 2, the EU Council approved the European Commission’s proposal without amendments, paving the way for the regulation’s swift adoption.
On Sept. 3, the European Parliament’s Committee on International Trade will consider the legislative initiative and present its final opinion ahead of Parliament’s upcoming session. The European Parliament is expected to adopt its position without amendments during its September plenary session.
Following the formal adoption of that position, the Council will endorse it, after which the regulation will be adopted and enter into force on the day following its publication in the Official Journal of the European Union.
