European Parliament approves Autonomous Trade Measures for Armenian products

YEREVAN. Sept 15 (Interfax) - The European Parliament has approved the application of Autonomous Trade Measures (ATMs) for products manufactured in Armenia, the head of Armenia's mission to the EU, Tigran Balayan, said on social media.

"The European Parliament has endorsed the EU Commission proposal to provide ATMs for Made in Armenia products. Another meaningful step for Armenia-EU partnership!" he said.

There were 583 votes in favor, 49 against and 39 abstentions.

The Council of the European Union at the beginning of September decided to introduce temporary trade-liberalization measures for Armenian products to support Armenia's economy in light of trade restrictions imposed by Russia, the Council said in a communique. "This preferential arrangement comes with certain conditions and also includes safeguard measures to protect the EU market if imports adversely affect EU producers," the communique said.

The measures will remain in effect for two years from the regulation's entry into force and will cover almost 99% of Armenia's exports of fresh fruit, vegetables and plants to Russia and more than 91% of beverages and spirits, it said.

The European Parliament was approve the decision, after which the regulation will be adopted, entering into force on the day following its publication in the Official journal of the EU.