Armenia makes use of GSP+ trade regime of EU since January
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30-01-2009 18:16:00 | Armenia | Economy
YEREVAN, JANUARY 30, NOYAN TAPAN. Negotiations are being
conducted with the EU on signing the Enlarged Free Trade
Agreement by Armenia. In this connection a EU fact-finding
mission will visit Armenia on February 17-18 for preparing the
documents to be signed after discussions with various
deaprtments of Armenia. The RA deputy minister of economy
Mushegh Tumasian said at the January 30 press conference that
the process of joining the agreement is expected to be completed
in 1-2 years. Armenia currently has interstate agreements on
free trade regime with a number of countries, including Russia,
the US, Canada, Japan.
The main subject of the press conference was provision of
the GSP+ trade regime to Armenia - among 16 other developing and
underdeveloped countries, thanks to which Armenia received the
opportunity to export the established 6,400 groups of
commodities to the EU at zero or reduced customs duties - on
condition that the exported commodities were made in Armenia.
According to M. Tumasian, until 2009 Armenia made use of
GSP system, by which customs duty privileges applied to about
2,000 commodities. As a result, in 2007 the amount of customs
duties paid by Armenian exporters was less by about 120 million
euros. The deputy minister said that the new system allows
Armenian producers to expand their economic relations with the
EU and save considerable sums which is more than important under
conditions of the global financial-economic crisis. The EU is
now among the biggest trade partners of Armenia: about 30% of
Armenia's overall commodity turnover is with EU countries, with
50% of exports being directed to EU member states.
In the opinion of the chairman of the Republican Union of
Employers of Armenia Gagik Makarian, the above mentioned trade
regime will contribute to an increase of exports and domestic
production volumes and make our country more recognizable in
international market.