EU-Armenia Trade Turnover Increased by 19% (2018)

EU-Armenia Trade Turnover Increased by 19%

European Union – Armenia trade turnover recorded a considerable growth last year, comprising to 1 billion 830 million 74 thousand dollars, with export growth of about 8%. The GSP+ privileged trading regime and the electronic product certification system has also contributed greatly to the intensification of trade-economic relations and the facilitation of the export process.

Armenpress talked about this topic with Arthur Maysuryan, Head of the EU Department for Economic Cooperation and Development at the Ministry of Economic Development and Investments.

The Armenia-EU Comprehensive and Enhanced Partnership Agreement creates preconditions for improving the trade environment and investment environment between Armenia and the EU through enhanced bilateral cooperation in a number of spheres, transparency of trade, information exchange and elimination of barriers. In particular, cooperation in intellectual property rights, competition protection, customs issues, technical barriers to trade, sanitary and phytosanitary measures will be improved. All this is a factor that creates preconditions for business stability and predictability, more business contacts and ties between the parties, deepening and development of cooperation in all spheres, and bringing to a qualitatively new, higher level of bilateral relations. Which, of course, will have a positive impact on the intensification of trade and economic relations.”

Arthur Maysuryan

Head of the EU Department for Economic Cooperation and Development

According to the RA National Statistical Committee, Armenia’s turnover with the EU states increased by 19% in 2018 comprising 1 billion 830 million 74 thousand USD compared to 1 billion 537 million 564 thousand USD in 2017. The largest volume of trade from the EU countries was registered in Germany by 2018 – 427 million 993.3 thousand USD, increasing 28% in comparison with 334 million 279.5 thousand dollars in January-December 2017.

In 2018, exports from Armenia to EU countries amounted to $ 683 million 847 thousand, growing by 7.9% compared to $ 633 million 757 thousand. At the same time, the largest volume of export from Armenia to the EU was recorded in Bulgaria – $ 215 million 270 thousand, though this index decreased by 23.8% compared to the previous year.

The Ministry of Economic Development and Investments informs that Armenia primarily exports to EU member countries goods such as copper ores and crushed stone, fertilizers, aluminum foil, alcoholic beverages, precious stones and metals, molybdenum and other goods.

According to the Ministry, another factor contributed to facilitating the export process to EU countries last year. Starting from January 2018, the new “Exporter System-REX” registered in RA, an electronic product certification system under the “GSP +” preferential trade regime was introduced. The introduction of the “Registered Exporters System” (REX) contributes to the facilitation of the EU export process and enables the exporter to reduce costs and save time (EU-Armenia trade turnover increased by 19%, News.am, (Feb. 20, 2019) (in Armenian)).