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Armenia to start compensating customs duties for exporters of goods to Europe and the UK

23.01.2025, 17:02
At a meeting on Thursday, the Armenian government made a decision aimed at compensating entrepreneurs for the full amount of customs duties on exports of manufactured goods to the European Union and the UK.
Armenia to start compensating customs duties for exporters of goods to Europe and the UK

YEREVAN, January 23. /ARКА/. At a meeting on Thursday, the Armenian government made a decision aimed at compensating entrepreneurs for the full amount of customs duties on exports of manufactured goods to the European Union and the UK.

"The purpose of the decision is to promote the government's policy of diversifying the economy," said Economy Minister Gevorg Papoyan.

As part of its economic development priorities, the Armenian government focuses on issues related to involvement in global chains, diversification of foreign trade and concentration of exports by type of product.

According to Papoyan, the 450-million-strong EU market is one of the most advanced in the world, and the entry of Armenian products into this market will increase their competitiveness.

The Minister noted that in 2022, Armenia stopped enjoying the GSP+ benefits provided by the EU, as it had been on the World Bank's list of upper-middle income countries for three years in a row.

He noted that support will be provided to manufacturers of tobacco products and gold products, including expensive jewelry. The decision is mainly aimed at producers of food products, textiles, and aluminum foil.

The assistance program will start on February 1, 2025, and will last until December 31, 2026. Exports to EU markets are expected to grow by 15-20 percent per year.

According to Armstat, Armenia's foreign trade with the EU countries amounted to $2.1 billion in the first 11 months of 2024, which is 14.1% less than in the same period of the previous year.

Armenia's exports to the EU countries during the reporting period stood at $551.9 million, down 18.6% yoy, while imports dropped to $1.8 billion, down 11.2%. Armenia's largest partners in the EU are Germany ($443.9 million in trade turnover in January-November 2024, down 24.4% compared to the 11 months of 2023), Italy ($382.4 million, up 0.1%), and the Netherlands ($166.6 million, down 42.3%). -0-