The Armenian government approved—at its Cabinet meeting Thursday—the proposals for the signing of two interim trade agreements.

One of them is the agreements signed between the Eurasian Economic Union (EAEU) and Mongolia, as well as the EAEU and the United Arab Emirates (UAE).

“The purpose of the agreements is to liberalize and simplify trade in goods between the parties, including through the reduction of tariff and non-tariff barriers, to support economic and trade cooperation between the parties, as well as to encourage the expansion and diversification of trade between the parties,” reads the respective decision.

And as a result of the implementation of these agreements, it is planned to ensure the expansion and diversification of trade between the parties, as well as increase the competitiveness of goods from the EAEU member states in the Mongolian and Arab markets, increasing export volumes.

To note, Armenia is a member in the Eurasian Economic Union.