As a result of the economic crisis the economy of Armenia slumped by 14%. The European Union decided to provide macro-financial support to Armenia consisting of 65 million Euro credit and 35 million Euro grant.
As a result of the crisis the trade circulation between Armenia and the EU fell down significantly as well. The import from Europe to Armenia decreased by 20.6%, and the export – by 49.3%. However the EU continues to be the biggest trade partner for Armenia, and the trade circulation with the EU covers the 35% of the entire circulation.
In trade relations with Europe Armenia is enjoying the benefits of GSP+ regime (Generalized System of Preferences). But Armenia may make one more step forward by signing a deep and comprehensive free trade associated agreement, which will open the doors of the European markets for the Armenian exporters.