3 million euros for the name of a spirit

The Armenian government approved, at a meeting on Thursday, a financial agreement with the European Union, under which the Union will give up the name “Cognac” for Armenian alcoholic drinks.

In return, Armenia will receive an amount of 3 million dollars, according to “Novosti Agency” today, Thursday.

A decree issued by the Armenian government said, “The purpose of the agreement is to facilitate the smooth and effective termination of the use of the special “cognac” brand of Armenian products, as well as to help the Armenian industry maintain its export competitiveness.”

The agreement also includes developing a new name for Armenian products instead of the name “cognac” and advertising and marketing it in the local and traditional foreign markets.

Source:  Novosti