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Armenia: The embargo on imports of Turkish products is lifted from 1 January

Armenia announced today that the embargo on Turkish products, which has been in force for a year, will be lifted on January 1st, as Yerevan and Ankara try to normalize their historically strained relations.

“It was decided not to extend the embargo on the import of Turkish products in our country,” the Armenian Finance Ministry said.

The move came after Turkey backed Azerbaijan in its war with Armenia in the autumn of 2020. It was extended for another six months in July. The Ministry of Finance estimated that the embargo had “positive” consequences, as it helped start-ups in Armenia, but the “negative” effect was that it fueled inflation.

“We hope (…) that based on the principle of reciprocity, favorable conditions will be created that will allow the export of Armenian products” to Turkey, he added.

The announcement of the lifting of the embargo comes after the two countries, which have never concluded diplomatic relations, appointed envoys in mid-December to normalize relations. Turkish and Armenian airlines have applied to start charter flights between the two countries.

Source: AMPE

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Source From: Capital

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