The European Union and Armenia have concluded negotiations for a deep and comprehensive trade area, which will create a new framework for trade relations between the two nations and boost bilateral economic benefits.
Negotiators reached agreement at the seventh and final round of talks, held in Yerevan, the capital of Armenia. The DCFTA, part of an association agreement between the EU and Armenia, aims to strengthen Armenia’s economic integration with the EU by providing better market access for European and Armenian goods and services to each other’s markets. It will also offer Armenia a framework for modernizing its trade relations and developing its economy by harmonizing its laws and regulations in various trade-related sectors with EU standards.
“Today’s conclusion of negotiations on a deep and comprehensive free trade area between the EU and Armenia paves the way for Armenia to enjoy much improved access to the EU market in more than trade in goods, which will help the country strengthen its exports, increase investment and sustain growth,” said Karel De Gucht, EU’s trade commissioner, in a written statement.