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August 21
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YEREVAN. – The priorities set by the new Armenian leadership will become a powerful incentive for the development of Armenia-EU trade and investment relations, said the EU Ambassador to Armenia Piotr Switalski.

His remark came at the first meeting of the Committee on Trade-Related Cooperation between Armenia and the EU held in Yerevan on Tuesday.

"The priorities announced by the new leadership are quite sufficient to protect interests in the sphere of trade and investment, and I think that the Government is well aware of what needs to be done in this direction," the ambassador said.

According to him, eradicating the corruption will give Armenia an opportunity to find new EU partners and attract European investments.

The second priority identified by the Government is the independence of the judiciary, while the EU delegation will facilitate the establishment of partnership with the European companies, since the independence of the judicial system guarantees the protection and security of business, thereby increasing the interest in Armenian businessmen.

According to him,  EU wants to see more European companies in Armenia in order to develop know-how, knowledge, technologies, management culture.

Petros Sourmelis, Head of Unit, Directorate General Trade, European Commission, in his turn, noted: “We are sure that the changes indicated by the Armenian Government will only strengthen cooperation with the EU and will promote further development of trade relations, and the Armenia-EU deal will enable the country to implement the planned reforms, improve the business climate, attract foreign investment, stimulate the overall development of the country, contribute to poverty reduction. The EU expresses its readiness to assist Armenia in achieving these goals. “

According to the Statistical Committee of Armenia, the foreign trade turnover between Armenia and the EU exceeded $1 billion in 2017, which is more than the indicator of the annual limitation by 36.1%. In particular, exports increased by 22% to $ 432.4 million, while imports grew by 47.8% to $ 633.3 million. The EU is Armenia’s second trade partner, its share in the structure of the country's foreign trade turnover is 26%.

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