Month: June 2015

On June 4th 2015 a number of legislative amendments were enacted (including amendments in the Civil Procedure Code and the Judicial Code), formally introducing the mechanism of mediation into civil proceedings.

Once the amendments take force in mid-September, a designated mediation procedure will become available to parties engaged in civil disputes. At that, certification of to-be mediators by the Ministry of Justice is expected to begin ahead of that date.

The newly introduced mediation procedure may be expected to facilitate dispute settlement, and also decrease duration and costs of litigation.

On May 29th 2015 the Eurasian Economic Union and Socialist Republic of Viet Nam signed a Free Trade Agreement (FTA), which will enter into force 60 days from subsequent ratification.

Among the key provisions of the FTA are the agreed progressive reduction and/or elimination of customs duties on goods originating from the Parties, applying to over 6,000 categories (Harmonized System sub-codes) of goods. Armenian businesses may particularly benefit from elimination of customs duties on such goods as metal ores and various foodstuffs. It was announced during the signing ceremony that the respective reductions under the FTA will save exporters from the EAEU around $40-60 million per year.

Additionally, the FTA establishes Most-Favoured-Nation Treatment in relation to import and export of goods, treatment of investments, intellectual property and other trade related issues.