Armenia approves proposal to sign agreement on trade in services and investment with UAE
YEREVAN, August 7. /ARКА/. At a meeting on Thursday, the Armenian government approved a proposal to sign an agreement on trade in services and investment between the Republic of Armenia and the UAE.
According to the rationale for the decision, the agreement is aimed at liberalizing the processes of trade in services and investment between the Republic of Armenia and the UAE.
The agreement provides for the mutual elimination of obstacles in the sphere of trade in services and investment, increasing economic efficiency and creating favorable conditions through the expansion of economic cooperation and mutually beneficial advantages, as well as promoting the intensification of bilateral economic relations and the identification of new markets for both parties. With regulations on investment promotion and mutual protection, the agreement will also promote the development of business initiatives.
An integral part of the agreement are annexes on services that were agreed upon during the negotiations, which indicate the types of services for which the parties are ready to provide appropriate preferences compared to the obligations assumed by the Republic of Armenia and the UAE within the framework of membership in the World Trade Organization.
In particular, Armenia provides preferences in such areas as agriculture and forestry, hunting, as well as the provision of scientific and technical consultations in the field of engineering, healthcare, education, environmental protection and postal services.
The UAE provides preferences for the Armenian side in the areas of computer and scientific and technical consulting services, equipment repair, cartography, telecommunications, as well as certain simplifications in the provision of legal, construction, accounting and audit services.
According to the National Statistical Service of the Republic of Armenia, in January-June 2025, Armenia's foreign trade turnover with the UAE amounted to $ 1,130,000.2 thousand, a decline of 69.4%, the volume of exports from Armenia to this country amounted to $ 1,090,790.6 thousand, a decline of 70.3%, the volume of imports from the UAE - $ 185,567.7 thousand, a decline of 20.4%.
