(b) air quality;
(c) water quality and resource management, including flood-risk management, water scarcity and droughts;
(d) waste management;
(e) nature protection, including forestry and conservation of biological diversity;
(f) industrial pollution and industrial hazards;
(g) chemicals management.
2. Cooperation shall also aim at integrating the environment into policy areas other than environmental policy.
Article 47.
The Parties shall, inter alia:
(a) exchange information and expertise;
(b) cooperate at regional and international level, especially with regard to multilateral environmental agreements ratified by the Parties; and
(c) cooperate in the framework of relevant agencies, as appropriate.
Article 48.
The cooperation shall cover, inter alia, the following objectives:
(a) the development of a general national environmental strategy for the Republic of Armenia, covering:
(i) planned institutional reforms (with timetables) for ensuring implementation and enforcement of environmental legislation;
(ii) the division of competence for environmental administration at national, regional and municipal levels;
(iii) procedures for decision-making and the implementation of decisions;
(iv) procedures for the promotion of the integration of the environment into other policy areas;
(v) the promotion of green economy measures and eco-innovation, the identification of the necessary human and financial resources and a review mechanism; and
(b) the development of sector-specific strategies for the Republic of Armenia (including clearly defined timetables and milestones for implementation, administrative responsibilities, as well as financing strategies for investments in infrastructure and technology) on:
(i) air quality;
(ii) water quality and resource management;
(iii) waste management;
(iv) biodiversity, nature conservation and forestry;
(v) industrial pollution and industrial hazards; and
(vi) chemicals.
Article 49.
A regular dialogue will take place on the issues covered by this Chapter.
Article 50.
The Republic of Armenia shall carry out approximation of its legislation to the acts of the European Union and international instruments referred to in Annex II in accordance with the provisions of that Annex.
Chapter 4. Climate Action
Article 51.
The Parties shall develop and strengthen their cooperation to combat climate change. Cooperation shall be conducted while taking into account the interests of the Parties on the basis of equality and mutual benefit, as well as the interdependence existing between bilateral and multilateral commitments in that field.
Article 52.
Cooperation shall promote measures at domestic, regional and international level, including with regard to:
(a) the mitigation of climate change;
(b) adaptation to climate change;
(c) market and non-market mechanisms for addressing climate change;
(d) research into and the development, demonstration, deployment, transfer and diffusion of new, innovative, safe and sustainable low-carbon and adaptation technologies;
(e) the mainstreaming of climate considerations into general and sector-specific policies; and
(f) awareness raising, education and training.
Article 53.
1. The Parties shall, inter alia:
(a) exchange information and expertise;
(b) implement joint research activities and exchanges of information on cleaner and environmentally sound technologies;
(c) implement joint activities at regional and international level, including with regard to multilateral environmental agreements ratified by the Parties, such as the United Nations Framework Convention on Climate Change of 1992 (UNFCCC) and the Paris Agreement of 2015, and joint activities in the framework of relevant agencies, as appropriate.
2. The Parties shall pay special attention to transboundary issues and regional cooperation.
Article 54.
The cooperation shall cover, inter alia, the following objectives:
(a) measures to implement the Paris Agreement of 2015 in accordance with principles set out in this Agreement;
(b) measures to enhance the capacity to take effective climate action;
(c) the development of an overall climate strategy and action plan for the long-term mitigation of and adaptation to climate change;
(d) the development of vulnerability and adaptation assessments;
(e) the development of a low-carbon development plan;
(f) the development and implementation of long-term measures to mitigate climate change by addressing emissions of greenhouse gases;
(g) measures to prepare for carbon trading;
(h) measures to promote technology transfer;
(i) measures to mainstream climate considerations into sector-specific policies; and
(j) measures related to ozone-depleting substances and fluorinated gases.
Article 55.
A regular dialogue will take place on the issues covered by this Chapter.
Article 56.
The Republic of Armenia shall carry out approximation of its legislation to the acts of the European Union and international instruments referred to in Annex IV in accordance with the provisions of that Annex.
Chapter 5. Industrial and Enterprise Policy
Article 57.
The Parties shall develop and strengthen their cooperation on industrial and enterprise policy, thereby improving the business environment for all economic operators, but with particular emphasis on small and medium-sized enterprises (SMEs). Enhanced cooperation should improve the administrative and regulatory framework for both businesses of the European Union and businesses of the Republic of Armenia operating in the European Union and in the Republic of Armenia, and should be based on the SME and industrial policies of the European Union, taking into account internationally recognised principles and practices in that field.
Article 58.
The Parties shall cooperate in order to:
(a) implement strategies for SME development, based on the principles of the Small Business Act for Europe, and monitoring of the implementation process through regular reporting and dialogue. That cooperation will also include a focus on micro- and craft enterprises, which are extremely important for the economies of both the European Union and the Republic of Armenia;
(b) create better framework conditions, via the exchange of information and good practice, thereby contributing to improved competitiveness. That cooperation will include the management of structural changes (restructuring) and environmental and energy issues, such as energy efficiency and cleaner production;
(c) simplify and rationalise regulations and regulatory practice, with a specific focus on the exchange of good practice on regulatory techniques, including the principles of the European Union;
(d) encourage the development of innovation policy, via the exchange of information and good practice regarding the commercialisation of research and development (including support instruments for technology-based business start-ups), cluster development and access to finance;
(e) encourage greater contacts between businesses of the European Union and businesses of the Republic of Armenia, and between those businesses and the authorities of the European Union and the Republic of Armenia;
(f) support the establishment of export promotion activities in the Republic of Armenia;
(g) promote a more business-friendly environment, with a view to enhancing growth potential and investment opportunities; and
(h) facilitate the modernisation and restructuring of industry in the European Union and in the Republic of Armenia in certain sectors.
Article 59.
A regular dialogue will take place on the issues covered by this Chapter. That dialogue will also involve representatives of European Union businesses and businesses from the Republic of Armenia.
Chapter 6. Company Law, Accounting and Auditing, and Corporate Governence
Article 60.
1. The Parties recognise the importance of an effective set of rules and practices in the areas of company law and corporate governance, as well as in accounting and auditing, in a functioning market economy with a predictable and transparent business environment, and underline the importance of promoting regulatory convergence in those fields.
2. The Parties shall cooperate on the following:
(a) the exchange of best practices for ensuring the availability of and access to information regarding the organisation and representation of registered companies in a transparent and easily accessible way;
(b) the further development of corporate governance policy in line with international and, in particular, OECD standards;
(c) the implementation and consistent application of International Financial Reporting Standards (IFRS) for the consolidated accounts of listed companies;
(d) the regulation and oversight of the audit and accountancy professions;
(e) international auditing standards and the Code of Ethics of the International Federation of Accountants (IFAC), with the aim of improving the professional level of auditors by means of observance of standards and ethical norms by professional organisations, audit organisations and auditors.
Chapter 7. Cooperation In the Areas of Banking, Insurance and other Financial Services
Article 61.
The Parties agree on the importance of effective legislation and practices and to cooperate in the area of financial services with the objectives of:
(a) improving the regulation of financial services;
(b) ensuring effective and adequate protection of investors and consumers of financial services;
(c) contributing to the stability and integrity of the global financial system;
(d) promoting cooperation between different actors of the financial system, including regulators and supervisors;
(e) promoting independent and effective supervision.
Chapter 8. Cooperation In the Field of the Information Society
Article 62.
The Parties shall promote cooperation with regard to the development of the information society to benefit citizens and businesses through the widespread availability of information and communication technology (ICT) and through better quality of services at affordable prices. That cooperation should aim at facilitating access to electronic communications markets and encourage competition and investment in the sector.
Article 63.
Cooperation shall cover, inter alia, the following subjects:
(a) the exchange of information and best practice on the implementation of national information society strategies, including, inter alia, initiatives aimed at promoting broadband access,
improving network security and developing public online services;
(b) the exchange of information, best practices and experience to promote the development of a comprehensive regulatory framework for electronic communications and, in particular, to strengthen the administrative capacity of the national independent regulator, to foster a better use of spectrum resources and to promote interoperability of networks in the Republic of Armenia and with the European Union.
Article 64.
The Parties shall promote cooperation between the regulators from the European Union and national regulator of the Republic of Armenia in the field of electronic communications.
Article 65.
The Republic of Armenia shall carry out approximation of its legislation to the acts of the European Union and international instruments referred to in Annex V in accordance with the provisions of that Annex.
Chapter 9. Tourism
Article 66.
The Parties shall cooperate in the field of tourism, with the aim of strengthening the development of a competitive and sustainable tourism industry as a generator of economic growth, empowerment, employment and foreign exchange.
Article 67.
Cooperation at bilateral, regional and European level shall be based on the following principles:
(a) respect for the integrity and interests of local communities, in particular in rural areas;
(b) the importance of cultural heritage; and
(c) positive interaction between tourism and environmental preservation.
Article 68.
The cooperation shall focus on the following topics:
(a) the exchange of information, best practices, experience and know-how, including with regard to innovative technologies;
(b) the establishment of a strategic partnership between public, private and community interests in order to ensure the sustainable development of tourism; the promotion and development of tourism products and markets, infrastructure, human resources and institutional structures as well as the identification and elimination of barriers to travel services;
(c) the development and implementation of efficient policies and strategies, including appropriate legal, administrative and financial aspects;
(d) tourism training and capacity building in order to improve service standards; and
(e) the development and promotion of community-based tourism.
Article 69.
A regular dialogue will take place on the issues covered by this Chapter.
Chapter 10. Agriculture and Rural Development
Article 70.
The Parties shall cooperate to promote agricultural and rural development, in particular through progressive convergence of policies and legislation.
Article 71.
Cooperation between the Parties in the field of agriculture and rural development shall cover, inter alia, the following objectives:
(a) facilitating the mutual understanding of agricultural and rural development policies;
(b) enhancing the administrative capacities at central and local level in the planning, evaluation and implementation of policies in accordance with legislation of the European Union and best practices;
(c) promoting the modernisation and the sustainability of agricultural production;
(d) sharing knowledge and best practices with regard to rural development policies to promote economic well-being for rural communities;
(e) improving the competitiveness of the agricultural sector and the efficiency and transparency of the markets;
(f) promoting quality policies and their control mechanisms, in particular geographical indications and organic farming;
(g) disseminating knowledge and promoting extension services to agricultural producers; and
(h) enhancing the harmonisation of issues addressed within the framework of international organisations of which both Parties are members.
Chapter 11. Fisheries and Maritime Governance
Article 72.
The Parties shall cooperate with regard to issues of mutual interest concerning fisheries and maritime governance, thereby developing closer bilateral, multilateral and international cooperation in the fisheries sector.
Article 73.
The Parties shall take common action, exchange information and provide mutual support in order to promote:
(a) responsible fishing and fisheries management consistent with the principles of sustainable development, so as to conserve fish stocks and ecosystems in a healthy state; and
(b) cooperation through relevant multilateral and international organisations responsible for management and conservation of living aquatic resources, in particular by strengthening appropriate international monitoring and law-enforcement instruments.
Article 74.
The Parties shall support initiatives, such as mutual exchange of experience and the provision of support, in order to ensure the implementation of a sustainable fisheries policy covering:
(a) the management of fisheries and aquaculture resources;
(b) inspection and control of fishing activities;
(c) the collection of catch, landing, biological and economic data;