EU, ARMENIA KICKSTART FREE TRADE TALKS
by Ulrika Lomas
Tax-news.com
June 1 2012
The European Union (EU) and Armenia have agreed to begin negotiations
towards a deep and comprehensive Free Trade Area, with the first round
of negotiations scheduled to begin over two days starting June 29,
it was announced on May 30.
Negotiations towards a free trade pact had previously stalled over
a dispute concerning Armenia’s valuation processes on alcoholic
beverage imports. However, an agreement to launch free trade talks
was reached at a meeting at the start of May, and the two parties
held preliminary discussions on areas to be covered by the agreement,
including taxation, customs policies, investment and intellectual
property protection.
The trade and political relationship between Armenia and the EU is
currently covered by the Partnership and Cooperation Agreement, which
entered into force on July 1, 1999. Presently, Armenian goods are
only afforded access under the EU’s General System of Preferences,
which provides broad, but not substantial, tariff reductions to 176
developing countries.
According to European statistics, Armenia runs a sizeable trade
deficit in two-way trade with the EU. In 2011, the EU exported goods
worth EUR640m (USD790m), mainly machinery and transport equipment and
manufactured goods; while Armenian exports to the EU, worth EUR310m,
comprised mainly of manufactured goods and raw materials.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
Direct link to this article: https://www.armenianclub.com/2012/06/02/eu-armenia-kickstart-free-trade-talks/
