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ARMENIA RECEIVES EU TRADE SUPPORT
Tatiana Smolenskaya
Tax-news.com
http://www.tax-news.com/news/Armenia_Receives_EU_Trade_Support____57136.html
Sept 5 2012
The European Union has announced EUR60m (USD75.4m) in funding for
Armenia to support the implementation of a new free trade agreement,
and ongoing judicial reform.
Free trade negotiations officially commenced on February 29, 2012,
aimed at improving trade relations between the two territories.
Armenia already benefits from preferential access to the European Union
market through the EU Generalized System of Preferences. As a result of
this arrangement, taxes on cross border trade and already significantly
reduced. The pact will therefore focus mainly on the removal of
prohibitive trade regulations and other non-tariff barriers to trade,
although it may also include additional import tax reductions.
Funds granted to Armenia will support authorities with preparations
towards, and the implementation of, the Deep and Comprehensive Free
Trade Area, which is being negotiated alongside additional agreements
including a visa facilitation and re-admission agreement. The funds
will also be used to provide training and export advice to national
institutions, and to establish education facilities to train local
laywers, judges and prosecutors to support Armenia in its efforts
towards judicial reform.
The European Union said the package aims to allow Armenia to fully
maximize the benefits it can derive from the new opportunities a free
trade agreement presents.
Commissioner for Enlargement and European Neighbourhood Policy Stefan
Fule stated: "This is a further sign of the strengthening of our
political and economic ties. Launching DCFTA negotiations is one
more step towards closer economic integration which is one of the
cornerstones of our relations with countries of Eastern Partnership."
Bilateral trade in goods amounted to EUR960m in 2011.
Tatiana Smolenskaya
Tax-news.com
http://www.tax-news.com/news/Armenia_Receives_EU_Trade_Support____57136.html
Sept 5 2012
The European Union has announced EUR60m (USD75.4m) in funding for
Armenia to support the implementation of a new free trade agreement,
and ongoing judicial reform.
Free trade negotiations officially commenced on February 29, 2012,
aimed at improving trade relations between the two territories.
Armenia already benefits from preferential access to the European Union
market through the EU Generalized System of Preferences. As a result of
this arrangement, taxes on cross border trade and already significantly
reduced. The pact will therefore focus mainly on the removal of
prohibitive trade regulations and other non-tariff barriers to trade,
although it may also include additional import tax reductions.
Funds granted to Armenia will support authorities with preparations
towards, and the implementation of, the Deep and Comprehensive Free
Trade Area, which is being negotiated alongside additional agreements
including a visa facilitation and re-admission agreement. The funds
will also be used to provide training and export advice to national
institutions, and to establish education facilities to train local
laywers, judges and prosecutors to support Armenia in its efforts
towards judicial reform.
The European Union said the package aims to allow Armenia to fully
maximize the benefits it can derive from the new opportunities a free
trade agreement presents.
Commissioner for Enlargement and European Neighbourhood Policy Stefan
Fule stated: "This is a further sign of the strengthening of our
political and economic ties. Launching DCFTA negotiations is one
more step towards closer economic integration which is one of the
cornerstones of our relations with countries of Eastern Partnership."
Bilateral trade in goods amounted to EUR960m in 2011.