BRUSSELS, February 20 (Itar-Tass) — The European Union has taken a decision to start talks with Armenia on setting up a free trade zone in a bid to step up financial growth and attract investments into the country’s economy.
In a statement circulated on Monday, the EU said the talks on creating a free trade zone with Armenia should become a turning point in the development of trade relations.
The EU and Armenia entered a new stage that would allow both parties to reach a new level in economic relations, European Commissioner for Trade Karel De Gucht said. The creation of a free trade zone will allow the republic to get access to the European market and facilitate the economic growth in the country, Gucht said.
Since July 2010 the European Union held talks with Armenia within the Eastern Partnership to sign an Association Agreement.
The European Union is Armenia’s key trade partner. In 2011 trade turnover reached 960 million euros.