EU moves to slash tariffs on Armenian exports following Russian trade restrictions
In a major step toward deepening economic ties, the Council of the European Union today agreed to introduce temporary trade-liberalisation measures for Armenian products. The decision comes as a direct effort to support Armenia’s economy following recent trade restrictions and transit disruptions imposed by Russia.
Once in effect, the preferential arrangement will liberalise approximately 80% of Armenian exports to the EU.
What does this mean for trade?
- The regulation temporarily suspends import duties across a wide range of goods, with a heavy focus on key sectors previously reliant on Russian markets.
- The tariffs will cover nearly 99% of Armenia’s fresh fruit, vegetable, and plant exports to Russia, alongside over 91% of its beverages and spirits.
- The trade relief will apply for two years from the date the regulation enters into force.
- While offering generous access, the agreement includes specific conditions and safeguard mechanisms to protect EU producers if import surges adversely affect local markets.
The Council endorsed the European Commission’s proposal without making any changes. Beyond offering immediate economic relief to offset Russian trade disruptions, the measure aligns with the broader goals of the EU-Armenia Comprehensive and Enhanced Partnership Agreement (CEPA) to foster long-term trade integration.
The proposal now moves to the European Parliament, which is expected to approve it without amendments during its September plenary session. Following formal adoption by both the Parliament and the Council, the regulation will enter into force the day after its publication in the Official Journal of the European Union.
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