EU-Armenia deepen economic relations

EU-Armenia deepen economic relations

EU-Armenia deepen economic relations

The European Union and Armenia has finalized the FTA negotiations. REUTERS photo

The European Union and the Republic of Armenia announced last week that they had concluded negotiations on a Deep and Comprehensive Free Trade Area (DCFTA), as part of the Association Agreement between the EU and the Republic of Armenia by a press statement.

At the seventh and final round of negotiations – held in Yerevan – negotiators reached agreement on the key elements of a deal which will create a new framework for trade relations between the EU and Armenia.

“Today’s conclusion of negotiations on a DCFTA between the EU and Armenia paves the way for Armenia to enjoy much improved access to the EU market in more than trade in goods, which will help the country strengthen its exports, increase investment and sustain growth”, said EU Trade Commissioner Karel De Gucht.

 An independent study suggests that in the long run the Armenian economy could gain an extra 146 million euros a year, representing a 2.3 percent increase in GDP.

The EU began negotiating an association agreement with Armenia in July 2010. The EU is Armenia’s biggest trading partner, covering some 32 percent of its trade. Bilateral trade in goods amounted to 951 million euros in 2012.