EBRD expects changes in Armenian economy

PanARMENIAN.Net - Start of talks over Armenia’s entry into the Deep and comprehensive free trade area agreement is a complex and long-term process.

This is a process that requires wide-scale activities, head of EBRD Resident Office in Yerevan Valeriu Razlog told a PanARMENIAN.Net reporter.

“Within the framework of this process, the work should start with regulating the phytosanitary field, food security, improved export regulations with regard to international trade, etc,” he said. In addition, Armenia’s laws should be brought in compliance with the EU legislation.

However, EBRD assesses this move as a very positive one and expects significant changes in various sectors of the Armenian economy. “We will further fund commercial companies both directly and indirectly, via the banks, i.e. enhance their chances to enter the European market,” Razlog emphasized. In this context, he added that EBRD will facilitate the process through providing technical support to Armenia in different aspects.

On 20 February the EU Trade Policy Committee decided to open negotiations with Armenia on a deep and comprehensive free trade agreement (DCFTA) in order to boost economic growth and investment.

The opening of the talks was conditional upon Armenia fulfilling a number of “key recommendations” set out by the European Commission. Armenia made substantial reforms notably in the fields of technical regulations, sanitary and phytosanitary measures and the protection of intellectual property, the Commission said.

Free trade zone stipulates diversity, boosting Armenia’s export opportunities and access to EU market.