CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. EU Opens FTA Talks With Armenia

EU Opens FTA Talks With Armenia

by Ulrika Lomas, Tax-News.com, Brussels

27 February 2012


The European Union has confirmed its decision to launch negotiations with Armenia towards a deep and comprehensive free trade area to boost bilateral trade and investment ties.

Commenting on behalf of the EU, Trade Commissioner, Karel De Gucht, said: “The opening of free trade negotiations mark a turning point in our trade relations with Armenia. We are entering a new phase that will bring our economic ties to a new level of depth and ambition. The European Union is Armenia's [top] trading partner and a deep and comprehensive free trade area will enable closer economic integration of Armenia with the European single Market thereby helping to boost economic growth in the country.”

Bilateral trade between the economic bloc and Armenia amounted to EUR960m (USD1.29bn) in 2011. The country already benefits from preferential access to the EU market through the EU Generalized System of Preferences with additional incentives for sustainable development and good governance. This means that existing import duties are already very low, so the benefits of the future deep and comprehensive free trade area lie predominantly behind the border, in the regulatory area.

Commissioner for Enlargement and European Neighbourhood Policy Stefan Fule added: "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."

The free trade area will be part of the broader Association Agreement which has been negotiated with Armenia since July 2010, in the framework of the Eastern Partnership and the European Neighbourhood Policy.

The free trade area is expected to diversify and strengthen Armenia's export capacity and effectively open the way to access the EU market of 500 million consumers.

TAGS: tax | Armenia | excise duty | tax rates | tax breaks | import duty | regulation | trade | European Union (EU) | free trade zone | Europe

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »