Netanyahu vows to fight possible U.S. sanctions on Israeli army units Ceremony of lighting eternal flame of Arc de Triomphe in Paris in memory of victims of the Armenian Genocide US State Department announced sanctions against Belarusian and Chinese companies Basically, for the first time, Armenia and Azerbaijan have resolved issue at table: Nikol Pashinyan Iran will not take any action if Israel refrains from large-scale attacks: Amir-Abdollahian UN Secretary General welcomes agreement reached by Armenia and Azerbaijan on border delimitation Blinken welcomed agreement reached by Armenia and Azerbaijan on border delimitation Implications made in relation to alleged document published by some Azeri media, are absolutely wrong and inadequate: Stano Armenian philanthropist Ruben Vardanyan, detained in Azerbaijan, on hunger strike for 14 days already Azerbaijan's violence against ethnic Armenians is within scope of action of Committee for Elimination of Racial Discrimination: Kirakosyan 

Armenia, the UAE to sign an agreement on liberalization of trade, investment and services

World

The Armenia-UAE economic relations, which experienced a sharp boost of development last year, may evolve in a new way.

The Armenian Ministry of Economy, said in response to Armenpress query, presenting the most promising directions capable of giving a fresh breath to the economic cooperation between the two countries.

The ministry has stated that the expansion and deepening of the cooperation in the fields of tourism, infrastructure, renewable energy, construction, agriculture, food industry, high technologies, digitalization, cybersecurity and innovation are particularly attractive. Cooperation in these areas promises to be mutually beneficial.

 In 2023, the UAE became the second trade partner of Armenia by the volume of goods turnover, at the same time topping the list of countries that made foreign direct investments in Armenia. Last year, exports from Armenia to the UAE amounted to approximately $2.2 billion, indicating a 3.2 times increase compared to 2022. The volume of imports was relatively modest - about 600 million dollars. The indicator of 2022 was exceeded by 36.7 percent. The total trade turnover reached $2.8 billion, marking a 1.9-fold increase in just one year.

According to the Ministry, the export structure has not changed significantly compared to 2022. Last year, 96.3 percent of Armenia's exports to the UAE consisted of four main types of products: unwrought or semi-wrought gold, gold dust, jewelry, diamond stones, cigarettes and cigars. In 2022, they accounted for 98.7 percent of exports. The import structure also remained largely unchanged, with passenger cars, diamond stones, telephone spare parts, modems, and jewelry dominating. Overall, they accounted for 59 percent of goods imported from the UAE to Armenia in 2023 (compared to 60 percent in 2022). In 2023, $1.6 billion worth of goods were re-exported from Armenia to the UAE, mainly unwrought gold ($1.3 billion), diamond stones (300 million) and unwrought, semi-unwrought or in powder form ($32 million).

Last year, the UAE became the country that secured the largest volume of foreign direct investment in Armenia's economy, surpassing Russia for the first time in history. From January to September 2023, the UAE made direct investments totaling 101 billion 814.4 million drams in Armenia. The Ministry emphasizes that this indicator should not be conditioned by a separate factor, but should be considered in the general logic of the dynamics of the development of the Armenian-Emirati trade and economic relations in the recent period.

According to the Economy Ministry, the ongoing environmental improvements, the current increase in bilateral trade relations and the rising influx of tourists to Armenia are considered the main factors contributing to the development of economic cooperation between Armenia and the UAE.

The talks on the signing of an agreement on services, trade, and investment between the Government of the Republic of Armenia and the United Arab Emirates, which has begun the previous year, are currently underway. An agreement to sign such a document was reached during the negotiations on the free trade agreement between the Eurasian Economic Union and its member states and the UAE.

The agreement, in fact, liberalizes the processes of implementation of services, trade and investments between Armenia and the UAE, envisaging the removal of drawbacks, enhancing economic efficiency and creating favorable conditions in these areas. It is aimed at expanding mutually beneficial economic cooperation.

Հետևե՛ք -ին Youtube-ում`
Situation remains tense in border area of Armenia’s Tavush ProvinceUkraine has announced destruction of a ship of Russian Navy in SevastopolPapua New Guinea leader takes offense after Biden implies his uncle was eaten by cannibals12 flights to, from Yerevan delayedNorway welcomes news on progress in Armenia-Azerbaijan border delimitation workVillagers continue blocking Kirants-Voskepar section of Armenia-Georgia motorwayWhatsApp will get new and useful featureNetanyahu vows to fight possible U.S. sanctions on Israeli army unitsOil Prices DownCeremony of lighting eternal flame of Arc de Triomphe in Paris in memory of victims of the Armenian GenocideUS State Department announced sanctions against Belarusian and Chinese companiesWashington is working towards establishing a ceasefire in Gaza Strip: BlinkenMass demonstrations not stopped in Georgia for several days now, dozens of arrests reportedBasically, for the first time, Armenia and Azerbaijan have resolved issue at table: Nikol PashinyanIran will not take any action if Israel refrains from large-scale attacks: Amir-AbdollahianFifty drones destroyed in sky of eight regions of Russia: Ministry of Defense of RussiaUN Secretary General welcomes agreement reached by Armenia and Azerbaijan on border delimitationBlinken welcomed agreement reached by Armenia and Azerbaijan on border delimitationCentral Bank of Armenia: exchange rates and prices of precious metalsImplications made in relation to alleged document published by some Azeri media, are absolutely wrong and inadequate: StanoAliyev to leave for Moscow on April 22 to discuss regional issues with PutinFor the first time there will be a delimited state border between Armenia and Azerbaijan, in the section of the four villages. Prime Minister's office4.5-magnitude earthquake hits TurkeyBlinken says G7 is "committed to de-escalating tensions" and holding Iran to accountGoogle fires 28 employees who protested against company's cooperation with IsraelArmenian philanthropist Ruben Vardanyan, detained in Azerbaijan, on hunger strike for 14 days alreadyWe have no plan B: Kuleba on new aid package for Ukraine in CongressArmenian victims group asks International Criminal Court to investigate genocide claimAzerbaijan's violence against ethnic Armenians is within scope of action of Committee for Elimination of Racial Discrimination: KirakosyanLavrov: We consider Armenia an ally until nowBy destroying Kanach Zham Church in Shushi, Azerbaijan violated decision of UN Court of Justice: Caucasus Heritage WatchAt 60th Venice International Art Biennale, Armenia presents itself with Echo multimedia projectG7 to discuss Israel attack on IranEU takes note of Russian peacekeepers’ withdrawal from KarabakhDraft resolution on Palestine rejected at UN Security CouncilIndia starts voting in world's largest electionUS embassy in Israel restricts employees’ movement after strike against IranIran cities not attacked by foreign country, Iranian media reportNewspaper: Armenia authorities avoid meeting with Karabakh authorities in exilePentagon does not comment on Israel attack on IranArmenia premier receives OSCE Minsk Group French Co-ChairIslamic Revolutionary Guards Corps general: Iran did not use modern missiles when attacking IsraelSenator Bob Menendez regrets that US government was not more forceful against Azerbaijan's ethnic cleansing of KarabakhHuawei presents 4 smartphones at once: What features do they have?PM Pashinyan, French Co-Chair of the OSCE Minsk Group address regional issuesDocument published in the Azerbaijani media about the Brussels meeting is fake - Armenian Foreign MinistryCentral Bank of Armenia: exchange rates and prices of precious metals Lufthansa extends Tehran and Beirut flight suspensionsCongressman Pallone urges USA to provide military assistance to ArmeniaIran oil exports hit six-year high as West considers tougher sanctions
Most Popular