At the Eastern Partnership Summit in Brussels President Serzh Sargsan said that “the agreement has in its foundation the key points of establishing democracy, such as the rule of law, reinforcement of justice, development of state and public institutions, and good governance.” He added that the realization of these points is vital for Armenia.
The agreement may contribute to the development of civil society, energy industry, transportation, environment protection and may attract foreign investments. European Union External Action Spokesperson for Foreign Affairs and Security Policy Maya Kocijancic had announced earlier that the agreement would not create special trade terms for Armenia, as the country is already a member of Eurasian Customs Union.
In 2013, Armenia and the EU cancelled signing of the agreement after Armenia announced its accession to the Eurasian Economic Union. Back then European Parliament Foreign Affairs Committee Chairman Elmar Brok said the country made this decision under the pressure from Russia. In 2015, parties restarted the negotiations. The new document is based on the 2013 agreement.
This is the first agreement signed between EU and Eurasian Economic Union member state.