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EU And Armenia Agree Trade Deal

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  • EU And Armenia Agree Trade Deal

    EU AND ARMENIA AGREE TRADE DEAL

    RTT News (United States)
    July 24, 2013 Wednesday

    (RTTNews) - The European Union and Armenia on Wednesday successfully
    concluded negotiations on a Deep and Comprehensive Free Trade Area
    (DCFTA), as part of the bilateral Association Agreement.

    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.

    The DCFTA will strengthen Armenia's economic integration with the EU
    by providing better market access for European and Armenian goods and
    services to each other's markets. It will offer Armenia a framework
    for modernizing its trade relations and for economic development
    on the basis of far reaching harmonization of laws and regulations
    in various trade-related sectors. These reforms will create the
    conditions for Armenia to bring key sectors of its economy in line
    with EU standards. The improved trade opportunities brought about
    by the DCFTA are expected to bring economic benefits to both the EU
    and Armenia.

    An independent study suggests that in the long run the Armenian
    economy could gain an extra EUR146 million a year, representing a 2.3%
    increase in GDP. Removing non-tariff measures is key to realizing
    these benefits. For its part, the EU is expected to gain by some
    EUR74 million.

    The DCFTA will have significant impacts on Armenia's trade. The
    forecast 15.2% increase in Armenian exports and 8.2% increase in its
    imports in the long run will lead improve Armenia's trade balance in
    relative terms.

    The Commission will now report to the EU Member States on the
    negotiated DCFTA text. After that, the EU and Armenia will carry out
    the next steps to formally mark the finalization of the DCFTA as part
    of the Association Agreement.

    The EU is Armenia's biggest trading partner, covering some 32% of
    its trade. Bilateral trade in goods amounted to EUR951million in 2012.


    From: Baghdasarian
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