The EU will suspend customs duties on a wide range of Armenian goods for two years.

Customs duties will be suspended for two years on a wide range of Armenian goods and around 80% of exports from Armenia to the EU will be liberalized. The Council of the European Union has approved the initiative. The decision aims to support the Armenian economy in the face of the problems caused by the recent trade restrictions imposed by Russia. The measures also provide for mechanisms to protect producers in the EU market from possible negative impacts. Regarding the decision, Helen McEntee, Minister for Foreign Affairs and Trade of Ireland, which presides over the Council of the European Union, stated that Europe stands with Armenia and its people, who have chosen a clear path of reform and closer cooperation with the EU.