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Europe
Armenia |
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Last reviewed: 24 April 2008 |
Country information
TRADE AND INVESTMENT
Trade and Investment with the UK
An Investment Promotion and Protection Agreement (IPPA) was signed on 22 May 1993 during a visit to the UK by Armenian Prime Minister Bagratian. An Air Services Agreement was signed during Ter-Petrossian's visit to the UK in February 1994. The British Embassy spearheaded the formation of an EU Chamber of Commerce to promote trade between Armenia and Europe.
UK Development Assistance
DFID has been working in Armenia since the mid 1990s. The UK’s bilateral assistance has been focused on supporting the Government of Armenia to improve governance and its institutional environment for poverty reduction, to promote pro-poor sustainable growth, and help to strengthen the UK’s contribution to help with conflict resolution and peace building in the region.
In early 2006 Armenia achieved lower middle income status (LMIC), leading DFID towards phasing out its bilateral programme by the end of 2008. DFID’s financial support to the country during 2007/08 fiscal year is £3.4 million. We work closely with the Government of Armenia and also with civil society within the framework of the poverty reduction strategy (see below) contributing to the achievement of the MDGs.
DFID and other donors have assisted the Government of Armenia (GoA) in developing a medium-term Poverty Reduction Strategy (PRS), the second revision of which will be adopted by early-2008. The Strategy focuses on consultations with the local community in setting realistic targets to enable further development and economic growth.
As the DFID bilateral programme to Armenia will close at the end of 2008, DFID is now promoting the roll-out of its piloted activities in order to try to ensure sustainability. Anchoring the DFID experience and achievements into the reviewed PRSP will enable the Armenian Government to pursue its development agenda through other funding, particularly the EC European Neighbourhood and Partnership Instrument (ENPI), which has earmarked €24.6m per annum for Armenia for the period of 2007-10.