The Twenty-Seven have decided this Thursday to eliminate for two years the tariffs on around 80% of Armenia's exports to the European Union, a measure with which the community bloc aims to support the country against the economic coercion exerted by Russia following its rapprochement to the EU.
Once the decision is published in the Official Journal of the EU (DOUE), the temporary exemption will eliminate import duties for a wide range of goods, including certain agricultural products.
This extraordinary preferential regime will be applied for a period of two years in order to "support and strengthen" trade exchanges with Armenia, although it incorporates several conditions and safeguard clauses to protect the European market in case an adverse effect on community productions is observed.
"We are expanding our support for Armenia and its population, who have clearly chosen a pro-European path despite foreign pressures," stated in a communiqué the Minister of Foreign Affairs and Trade of Ireland and current presidency of the Council, Helen McEntee.
"Today's decision will help the Armenian economy affected by trade restrictions and demonstrates that our partners can always count on the EU," she added, after the Council (governments) endorsed an initiative that had already received the backing of the European Parliament last week.