Following a series of interagency discussions it was decided not to extend the ban on Turkish imports, the Armenian Ministry of Economy said in a Facebook post.
The six-month ban was imposed first on January 1, 2021 and then extended until January 1, 2022. The ban was imposed as retaliation to Turkey's participation and assistance to Azerbaijan in the 44-day war unleashed against Artsakh (Nagorno-Karabakh) in autumn 2020, ARKA reports.
According to the ministry, the ban has had both positive and negative consequences over the past year.
‘The ban has prompted the emergence of new companies and expansion of productions by existing light industry companies, as well as by companies engaged in production of construction materials, furniture and agriculture,’ according to the Facebook post.
‘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 said.
The Ministry of Economy noted that during this year a number of business entities have initiated the production of goods replacing the Turkish products.
"Consistency will be demonstrated to ensure the viability and competitiveness of such companies in the new environment, using if necessary, additional tools to support them," the ministry said.
The ministry said also that with the removal of the ban on the import of Turkish goods on the principle of reciprocity, the most favorable conditions are expected to be created for the export of Armenian goods.
According to government data, Armenia imported $268 million worth of Turkish-manufactured products in 2019 and $178 million worth of Turkish goods in January-October 2020, 15% down year on year. More precisely, $69.4 million worth clothing, $10.3 million worth citrus fruit, $35.2 million worth cars, equipment and mechanisms (electric heaters, refrigerators, etc.), $24.3 million worth oil and oil products, $23.6 million worth chemicals and $21.6 million worth base metals.
