Armenia and EU conclude negotiations on free trade area

The European Union and the Republic of Armenia today successfully concluded negotiations on a Deep and Comprehensive Free Trade Area (DCFTA), as part of the Association Agreement between the EU and the Republic of Armenia, according to the website of European Commission.

“At the seventh and final round of negotiations – held in Yerevan – negotiators reached agreement on the key elements of a deal which will create a new framework for trade relations between the EU and Armenia. The DCFTA will 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 offer Armenia a framework for modernising its trade relations and for economic development on the basis of far reaching harmonisation of laws and regulations in various trade-related sectors. These reforms will create the conditions for Armenia to bring key sectors of its economy in line with EU standards. The improved trade opportunities brought about by the DCFTA are expected to bring economic benefits to both the EU and Armenia,” reads the statement of the European Commission.

A summit of the Eastern Partnership program will be held in Vilnius in November 2013. The Association Agreement with the EU is expected to be initialed at the summit.