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Armenian Minister of Economy Vahan Kerobyan, answering journalists’ questions, commented on the impact of the embargo on Turkish goods on the domestic economy.

The embargo on the import of goods from Turkey to Armenia was in effect from January 1 to December 31, 2021. 

“We assessed the economic impact and the impact on the economy. The question is: the short-term impact was not very positive. The positive thing is that there are many new initiatives, but they have not yet had time to contribute to the economy, but there is some impact on inflation,” – the minister explained at a briefing after the government meeting.  

This, according to Kerobyan, is due to the fact that replacement goods from other countries cost more on average than similar Turkish products. 

“We expected that the long-term effect of the embargo would be positive, but the government decided not to renew the embargo, which was in effect for 1 year,” the minister said.