Council of EU approves temporary suspension of import duties on Armenian goods - Foreign Ministry

YEREVAN. Sept 24 (Interfax) - The Council of the European Union approved a preferential trade regime for Armenia on Thursday, with approximately 80% of exports to be liberalized through the suspension of duties on a broad range of goods.

"The EU Council's Competitiveness Council gave final approval to the proposal for an EU regulation on the application of autonomous trade measures regarding Armenian goods," the Armenian Foreign Ministry's press service said in a statement.

"Under this regulation, approximately 80% of Armenia's exports to the EU will be liberalized through the suspension of import duties on a broad range of goods, including certain agricultural products," the statement said.

"These measures will facilitate the diversification of Armenia's foreign trade, expand access for Armenian goods to the EU market, and further deepen economic and trade cooperation between Armenia and the EU. Once it enters into force, the preferential regime will remain in effect for two years," it said.

Following the signing of the decision by the presidents of the European Parliament and the Council of the EU, it will be published in the Official Journal of the European Union and take effect the following day.