Back in 2021, the National Assembly adopted the law on Making Addenda to the Law on Trade and Services, which introduced the notion of ‘trade-in’ type of trade. Trade-in trade is a type of activity subject to licensing, the license of which is issued by the Ministry of Economy.
The RA Minister of Economy Gevorg Papoyan said this at the sitting of May 17 of the Standing Committee on Economic Affairs, presenting the draft law on Amending the Law on Trade and Services.
“Currently, the Association of Official Representatives of Auto-Manufacturers has twelve members, of which only three organizations have received a license to carry out trade-in commercial transaction activities, which have carried out a total of no more than ten trade-in transactions. Such an indicator is significantly lower than the forecasts expected during the discussion of the reform package,” Gevorg Papoyan said.
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In order to exclude the diverse perception of the notion of the trade-in type of purchase of a motor vehicle, it was necessary to clarify the concept of this type of trade by law. In addition, in order to increase the enforceability of the trade-in toolkit and to increase the number of organizations wishing to obtain a license, it is proposed to expand the definition of the type of activity “trade-in trade in motor vehicle purchase”, – the Minister of Economy detailed.
According to the key rapporteur, physical persons are given a new opportunity to sell and buy motor vehicles. “This is a good opportunity for the development of our market and the protection of consumers’ rights,” Gevorg Papoyan mentioned.
The draft was endorsed.
National Assembly of the Republic of Armenia
