Deputy Minister of Economy reveals reason behind decline in trade with European Union

|

USD

390.9

EUR

444.61

RUB

4.7857

GEL

142.3

Economy

24.03.2025, 17:48

Armenian Deputy Economy Minister Narek Hovakimyan revealed the main reason behind the decline in the trade turnover with the EU in 2024.

Deputy Minister of Economy reveals reason behind decline in trade with European Union

YEREVAN, March 24. /ARKA/. Armenian Deputy Economy Minister Narek Hovakimyan revealed the main reason behind the decline in the trade turnover with the EU in 2024.

Speaking at a meeting of the Parliamentary Committee on European Integration on Monday he recalled that the trade turnover between Armenia and EU countries in 2024 totaled about $2.3 billion, down 11.7% compared to 2023.

"The major reason behind the decline is the termination of the GSP+ trade preference regime for Armenia. Geopolitical instability also played a role," Hovakimyan said.

According to him, Armenia's government is making every effort to ensure that locally-manufactured products meet the EU standards, and are of high quality and competitive.

He reminded that the ministry is implementing a number of programs and initiatives aimed at supporting exporters, such as assistance in certification of origin of goods, state support for commercial companies engaged in the production of economically complex products, compensation of customs duties.

"In the long term, the export strategy and action plan to overcome global challenges is designed to solve these problems," Hovakimyan said. -0-

Armenia's state interests lie in its economic development - Pashinyan

Armenian Prime Minister Nikol Pashinyan, speaking at a business conference titled “Enhancing the Competitiveness of Armenia's Economy by Improving Policy and Governance,” said that this forum is dedicated to how the government and the private sector serve Armenia's state interests, recognizing that they lie in economic development.

18.04.2025 14:52

WB to provide $100 mln to Armenia to increase the role of tourism in economy and remove barriers

The World Bank Group’s Board of Executive Directors today approved a $100 million project to improve access to resilient infrastructure and strengthen the role of tourism in the economy of Armenia.

18.04.2025 12:17

1.6 million cubic meters of water accumulated in the first stage of filling the Vedi reservoir

1.6 million cubic meters of water have been accumulated in the first stage of filling the Vedi reservoir.

18.04.2025 11:58

Acba Leasing invests AMD 220 bln in 5 years in development of Armenian economy (video)

Acba Leasing proudly stands as the leading force in Armenia's leasing market and is excited to announce its role as the Main Partner for Leasing Expo 2025.

17.04.2025 17:45

Deputy Prime Minister of Armenia discussed macroeconomic results of 2024 and global trends with the EEC Minister

Deputy Prime Minister of Armenia Mher Grigoryan received Minister for Integration and Macroeconomics of the Eurasian Economic Commission Eldar Alisherov, the government press service reported.

17.04.2025 14:55

Pashinyan told what about 2 trillion drams confiscated as illegal property were used for

Around 2 trillion drams, confiscated as illegally acquired property, have been either redistributed among the population or invested in Armenia’s strategic development.

15.04.2025 12:45

Armenia's state budget revenues increased by 1.3 trillion drams in 2024 - Pashinyan

According to the results for 2024, Armenia’s state budget revenues have doubled, recording an increase of 1.3 trillion drams, Prime Minister Nikol Pashinyan announced in parliament on Tuesday.

15.04.2025 12:43

Friendship Bridge: Yerevan and Lyon sign three-year cooperation agreement

An agreement on decentralized three-year cooperation between Yerevan and Lyon was signed by the Mayor of the Armenian capital, Tigran Avinyan, the Mayor of Lyon, Grégory Doucet, and the President of the Lyon Metropolis, Bruno Bernard.

15.04.2025 10:25