OREANDA-NEWS. The Armenian government approved at a meeting on Thursday a financial agreement with the EU, providing for the provision of 3 million euros to Yerevan as part of the process of smooth abandonment of the geographical designation "cognac" for Armenian alcoholic beverages. This was reported by a RIA Novosti correspondent.

The government decree, the draft of which was presented by the Minister of Economy of the country Vahan Kerobyan, says: "The program provided for by the agreement is financed from the EU budget within the framework of the European Neighborhood Instrument. The total cost is 3 million euros. The purpose of the financial agreement is to promote a smooth and effective termination of the use of the geographical indication "cognac" for Armenian products, as well as help the Armenian industry to maintain its competitiveness in export markets. "

In particular, the program being implemented with the EU provides for the development of a new name for the Armenian brandy, its advertising and marketing in the domestic and traditional foreign markets.

The Cabinet also noted that the project is being implemented in accordance with the Agreement on a Comprehensive and Enhanced Partnership with the EU.