On September 24, the EU Council finally approved temporary measures for trade liberalization with Armenia. These measures provide for the suspension of import duties for a wide range of goods and cover about 80% of Armenian exports to the European Union. The preferential regime will be in effect for two years after the relevant regulation enters into force.
The list includes more than 300 product groups. In particular, it concerns canned goods and juices, dried fruits and nuts, herbs and spices, textile products, footwear, and other industrial goods. Certain categories of agricultural products will also receive tariff concessions within established quotas.
After the regulation is signed and published in the Official Journal of the EU, the document will enter into force the following day. At the same time, the new regime provides conditions for Armenian exporters and protective mechanisms for the European market: in case of significant damage to EU producers, the preferences may be suspended or adjusted.