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EU-ARMENIA FREE TRADE AREA NEGOTIATIONS SUCCESSFULLY CONCLUDED
YEREVAN, July 24. /ARKA/
The European Union and the Republic of Armenia today successfully
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, the European Commission reports at its official
website.
"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 European Commission reports. "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 modernising its trade relations and
for economic development on the basis of far reaching harmonisation 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."
An independent study suggests that in the long run the Armenian
economy could gain an extra ~@146 million a year, representing a 2.3%
increase in GDP. Removing non-tariff measures is key to realising
these benefits. For its part, the EU is expected to gain by some
~@74 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 improved trade opportunities brought about by the DCFTA are
expected to bring economic benefits to both the EU and Armenia.
The Association Agreement that includes Deep and Comprehensive Free
Trade Area Agreement is expected to be initialed in November in
Vilnius, where European Union top officials and leaders of EU Eastern
Partnership participant countries will gather for a summit. -0---
- See more at:
http://arka.am/en/news/economy/eu_armenia_free_trade_area_negotiations_successful ly_concluded/#sthash.R2ZZbJ3o.dpuf
YEREVAN, July 24. /ARKA/
The European Union and the Republic of Armenia today successfully
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, the European Commission reports at its official
website.
"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 European Commission reports. "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 modernising its trade relations and
for economic development on the basis of far reaching harmonisation 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."
An independent study suggests that in the long run the Armenian
economy could gain an extra ~@146 million a year, representing a 2.3%
increase in GDP. Removing non-tariff measures is key to realising
these benefits. For its part, the EU is expected to gain by some
~@74 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 improved trade opportunities brought about by the DCFTA are
expected to bring economic benefits to both the EU and Armenia.
The Association Agreement that includes Deep and Comprehensive Free
Trade Area Agreement is expected to be initialed in November in
Vilnius, where European Union top officials and leaders of EU Eastern
Partnership participant countries will gather for a summit. -0---
- See more at:
http://arka.am/en/news/economy/eu_armenia_free_trade_area_negotiations_successful ly_concluded/#sthash.R2ZZbJ3o.dpuf