European Commission President Ursula von der Leyen announced in Yerevan that Armenia will soon receive €18 million to strengthen and diversify its trade.

Axar.az reports, citing Armenian media, speaking at a joint press conference with Armenian Prime Minister Nikol Pashinyan on July 2, von der Leyen said that although Armenia continues to face significant economic pressure from Russia, it can be confident that when the European Union's partners come under pressure, the EU responds with practical support.

"This funding could, for example, help establish an export promotion agency to strengthen the export capacity of Armenian businesses. The €18 million is the final component of the €52 million support package that we discussed with the prime minister during our phone conversation in early June. We are also taking another step by proposing EU autonomous trade measures (ATMs). Under this proposal, 80% of Armenia's exports to the European Union will be liberalized. This will allow us to redirect products that are currently heavily dependent on the Russian market to the European single market, with its 450 million consumers. In particular, the single market will be opened to 99% of Armenia's fresh agricultural products, which have until now been exported to Russia. It will also open the door to more than 90% of Armenian beverages and spirits entering the EU single market," the President of the European Commission said.