MOSCOW, May 5 (Bernama-Sputnik/RIA Novosti) -- Following its first summit with Armenia in Yerevan, the European Union (EU) expressed support for further rapprochement with the country and agreed to invest approximately €2.5 billion (US$2.9 billion) in the Armenian economy, and promised progress on visa facilitation and defence cooperation, according to a joint statement released on Tuesday, reported Sputnik/RIA Novosti.
"The EU reaffirms its steadfast commitment to further strengthen its relations with Armenia and to support Armenia's sovereignty, resilience, and comprehensive reform agenda, based on the respect for democracy, human rights, fundamental freedoms and the rule of law, as well as its long-term development, by bringing Armenia and its people closer to the European Union. The EU also supports Armenia's willingness to intensify the bilateral partnership through sectoral integration and rapprochement with the EU acquis," the statement read.
The EU has estimated its investments in Armenia's economy in the near future at €2.5 billion, the statement added.
"We welcome the significant progress in the Visa Liberalisation Dialogue, launched in 2024, which is expected to enhance mobility, foster closer people-to-people contacts and strengthen economic ties between the European Union and Armenia," it read.
Armenia welcomes the EU's support in developing a roadmap for the decommissioning of the Armenian Nuclear Power Plant, while the EU also reaffirms its intention to strengthen cooperation with Armenia across security and defence issues, according to the statement.
Armenia signed two documents with the EU during the summit in Yerevan, including a document launching a Connectivity Partnership. As part of the initiative, the EU handed over letters of intent to six Armenian companies and foundations, including five aimed at supporting calls for investment interest in Armenia.
In addition, the parties signed a working arrangement between the European Border and Coast Guard Agency (Frontex) and the Armenian Ministry of Internal Affairs.
-- BERNAMA-SPUTNIK/RIA NOVOSTI
