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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
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