The EU will provide Armenia with an additional €18 million ($20.5 million) and introduce trade measures that will make nearly 80% of Armenian exports to the bloc tariff-free, European Commission President Ursula von der Leyen said.
Speaking in Yerevan after meeting Armenian Prime Minister Nikol Pashinyan, von der Leyen said Armenia is moving closer to Europe while the South Caucasus is becoming more integrated.
“The initialling of the peace agreement last year was a history-making moment. The most consequential step this region has taken in decades,” she said, adding that the continued normalization of relations with Türkiye was also important.
“These decisions required political courage and leadership. And I know their rewards will be immense. Opening borders will transform Armenia's economic future,” she said.
Von der Leyen said the EU aims to mobilize up to €2 billion ($2.2B) for transport, energy and digital projects across the South Caucasus under a new €200 million ($227 million) Global Gateway package.
She also announced a €20 million ($22.7 million) peace-fostering program for communities living along borders.
Turning to Armenia’s economy, von der Leyen said the country is still facing “significant economic pressure from Russia.”
“Nothing short of economic coercion, actually. But rest assured: when pressure mounts on our partners, the EU steps up,” she said.
She said Armenia would soon receive €18 million ($20.5 million) to strengthen and diversify its trade, adding that the EU is also proposing Autonomous Trade Measures for the country.
“They will liberalize almost 80% of Armenian exports to the EU. That means 80% of your trade with us will now be tariff-free,” she said.
The measure will help Armenia redirect products still heavily reliant on Russia to the EU single market of 450 million consumers, including fresh fruits, vegetables, plants, beverages and spirits, she added.
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