The Armenian government has approved a proposal to enter an economic partnership agreement between the EAEU and the UAE. This decision follows negotiations initiated in 2022, involving four rounds of discussions covering tariff liberalization and lists of goods eligible for tariff preferences.

The agreement aims to streamline and enhance trade between the partners by reducing trade barriers and encouraging economic cooperation. About 95% of Armenia’s exports to the UAE will benefit from preferential terms.

After the agreement comes into effect in 2023, 217 of 270 export goods will have preferential access. This is expected to offer Armenian exporters direct savings of around $500,000, reducing average customs duties from 6% to 2.6%.

For agricultural exports, Armenia emphasizes primary interests such as fresh fruits, tomatoes, and honey, with the export value exceeding $1.5 million. The UAE market’s value for these commodities reaches approximately $550 million, signaling an Armenian export potential of at least $10 million.

Source: Arka News Agency