This publication examines the trade and welfare impact of Armenia’s convergence to the Common External Tariff of the Eurasian Economic Union (EEU), and how different sectors and products are affected through shifting import and export patterns. It also models trade opportunities created by the recent and potential free trade agreements between the EEU and third countries, using both general and partial equilibrium approaches. Finally, the publication surveys how losing eligibility for the European Union’s Generalised Scheme of Preferences will affect Armenia’s trade.