Economy

Prime Minister Nikol Pashinyan said Armenia wanted to become a member of the European Union within twenty years and will commit to an ambitous reform programme to meet the criteria of EU accession. In a press conference on 16 July, Pashinyan referred to his recent visit in Brussels and said the law adopted by the Armenian parliament meant the country seeks to join the EU. He acknowledged that this was not a simple process and all EU member states needed to agree to Armenia’s membership. He emphasised that regardless of whether Armenia ultimately joins the EU, the country will continue its ambitious reform programme.

EU High Representative for Foreign Affairs and Security Policy Kaja Kallas has ended her official visit to Armenia after signing a partnership agreement with authorities in Yerevan. Following talks with Armenian Foreign Minister Ararat Mirzoyan, a joint press conference was held in which the media was briefed about an agreement outlining Armenia’s participation in the European Union’s Common Security and Defence Policy crisis management operations. According to Kallas, the document envisions Armenia’s participation in EU missions around the world.

After months of fierce fighting, Russia appears to have finally taken control of one of Ukraine's largest lithium reserves. Russian troops have been in control of the town of Shevchenko for several days now, where an estimated 12 to 14 million tonnes of lithium ore lie underground to the east. Lithium is an important mineral needed for producing rechargeable car batteries, among other things. This information comes from the Reuters news agency. Ukrainian media outlets such as Kyiv Insider are also reporting on the news.

On Wednesday afternoon (25 June), NATO member states unanimously agreed to increase the NATO standard for defence spending to 5 per cent of GDP over the next ten years. This is stated in the final joint declaration of the NATO summit in The Hague, published on the same day.

Armenia is set to host its own artificial intelligence data factory, with the project valued at $500 million and scheduled to begin operations in 2026. This investment initiative is being jointly implemented by Firebird, the Armenian government, and NVIDIA, JAMnews has reported. “FirebirdCloudAI is Armenia’s largest and most important tech investment the country’s ‘Stargate’. The idea was born when Jensen Huang, co-founder and CEO of NVIDIA, visited Yerevan in 2023. Today, it’s becoming reality. The AI factory, equipped with thousands of Blackwell GPUs, will spark innovation across Armenia,” Prime Minister Nikol Pashinyan wrote on X.

The European Union is seeking to reduce the price cap on Russian oil from $60 to $45 per barrel. This should make it more difficult for Russia to finance its war against Ukraine. The EU also intends to discourage investment in the Nord Stream 1 and 2 gas pipelines.

US President Donald Trump on Friday said he is “recommending a straight 50% Tariff on the European Union” after complaining that trade negotiations have stalled. The steep new import duties would start on 1st June, Trump wrote on Truth Social. The EU “has been very difficult to deal with,” Trump wrote. “Our discussions with them are going nowhere!”