Negotiations were finalized in July 2013 and Armenia (along with Georgia, Moldova and Ukraine) was set to sign the new Association Agreement with the EU during the Eastern Partnership summit in November 2013.

However, the government of Armenia, led by former President Serzh Sargsyan had suddenly broken off negotiations to pursue membership in the Russian-led Eurasian Economic Union.

[15] The agreement constitutes an important step towards the increased political and economic involvement of the European Union in the South Caucasus.

By intensifying political dialogue and improving cooperation in a broad range of areas, the agreement lays the foundations for more effective bilateral engagement with Armenia.

[16] Furthermore, the agreement seeks to foster result-oriented and practical cooperation between all parties for achieving peace, security and stability on the European continent.

It also contains provisions on cooperation in areas such as transport and infrastructure, energy, health, the environment, climate change, taxation, education and culture, employment and social affairs, banking and insurance, media freedom, minority rights, industrial policy, agriculture and rural development, tourism, research and innovation, mining, and counter-terrorism.

In addition, it covers other extensive democratic reforms, legal cooperation, strengthening the rule of law, combating money laundering, and fighting organized crime and corruption.

These will improve conditions for bilateral EU–Armenia trade, while taking full account of Armenia's obligations as a member of the Eurasian Union.

They will ensure a better regulatory environment for economic operators in areas such as trade in services and goods, setting up and running companies, capital movements, government procurement and intellectual property rights, sustainable development, and competition.

[25] In December 2019, following the eighth Euronest Parliamentary Assembly, a resolution was passed by all members outlining various EU integration goals to be achieved by 2030.

The European Council reviewed the implementation status of CEPA and also agreed to launch work on a new EU–Armenia Partnership Agenda, which paves the way for more ambitious and deeper cooperation between the EU and Armenia.

[32] In response, on 2 March 2024, Armenian Prime Minister Nikol Pashinyan advised that Armenia would officially "apply to become a candidate for EU membership in the coming days, within a month at most".

[35] On 12 March 2024, the European Parliament passed a resolution confirming Armenia meets Maastricht Treaty Article 49 requirements and may apply for EU membership.

Ambassador Maragos stated, "CEPA underscores our shared commitment to democracy, human rights, and the rule of law.

Simultaneously, the EU continues to support Armenia's reforms, infrastructure, and regional development, bringing it closer to European standards."

Deputy Prime Minister Grigoryan stated, "CEPA is, first and foremost, an expression of our understanding of sustainable development, grounded in our shared values and aspirations with Europe.