On May 7, Armenia and the U.S. signed a Trade and Investment Framework Agreement (TIFA).

The Agreement was signed in the presence of President of Armenia Serzh Sargsyan by Armenian Foreign Minister Edward Nalbandian and Assistant United States Trade Representative Dan Mullaney.

By the Agreement, Armenia and the United States affirm their intention to create investment friendly environment and promotion of turnover and trade between the two states.

Creation of Armenian-American Trade and Investment Council is scheduled, that will convene at least once a year.

The Council is to explore new fields of bilateral investments and trade, and conduct works on their development and elimination of possible obstacles in the way.

At the meeting with the Armenian community in Washington Serzh Sargsyan said that the presence of American business in Armenia increases year in and year out and “presently we have over 400 American capital companies operating in Armenia, and I think already this year US.-based “Contour Global” will start operating in Armenia with its investment capital of up to USD 250 million – it is the largest U.S. investment in the history of Armenia.”

“It is not by accident that we just signed the Trade and Investment Framework Agreement (TIFA) between Armenia and the U.S., which records the achievements in the Armenian economic sector as well as in Armenian-U.S. economic cooperation and opens new windows of opportunities for cooperation. It implies that cooperation between the entrepreneurs of both countries is encouraged on state level. And I urge all Armenians to persist with their active involvement in Armenia’s state-building,” said the Armenian President.