Armenia lifts embargo on Turkish goods
2 Min Read
Armenia's Ministry of Economy says embargo on Turkish goods will be lifted following discussions.
-
The embargo on Turkish goods was imposed following the Nagorno-Karabakh war in Autumn 2020.
Armenia's Ministry of Economy announced lifting the ban on Turkish imports.
On its Facebook account, the ministry said the decision came after "a series of interagency discussions."
Originally, the ban was imposed on January 1, 2021, and extended until January 1, 2022, over the Nagorno-Karabakh war.
In October 2020, Armenia introduced the ban due to Ankara's involvement in the war.
The decision resulted in both positive and negative consequences over the year, the ministry mentioned.
The ban paved the way for the establishment of new companies and the expansion of several productions.
"However, the main negative impact of the embargo was a significant inflation rise, which affected heavily the consumer goods. We have received also many appeals and requests from our businessmen to lift the ban," the ministry pointed out.
Following the decision, the most favorable conditions are expected to be created for the export of Armenian goods based on the principle of reciprocity, the Armenian Ministry of Economy expressed.
Earlier this year Armenian Prime Minister Nikol Pashinyan said Yerevan was prepared to hold discussions to repair relations with Turkey.
It is noteworthy that the White House National Security Advisor Jake Sullivan told Armenian National Security Council Secretary Armen Grigoryan that US President Joe Biden's administration welcomes the announcement that Turkey and Armenia are to appoint representatives to discuss the normalization of relations between the two countries.
