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Following years of Armenian American advocacy and U.S.-Armenia diplomacy, Armenian Foreign Minister Eduard Nalbandian and Assistant US Trade Representative Daniel Mullaney signed the U.S.-Armenia Trade and Investment Framework Agreement (TIFA), a bilateral accord long sought by the Armenian National Committee of America (ANCA), the American Chamber of Commerce in Armenia, and Armenia-based U.S. businesses to expand economic relations between the two countries, Asbarez reports.

This agreement establishes a United States-Armenia Council on Trade and Investment to discuss bilateral trade and investment and related issues and examine ways to strengthen the trade and investment relationship between the two countries.

Following the official signing of the agreement, Mullaney told reporters “Today’s agreement provides a vehicle for deepening and broadening U.S.-Armenia trade and investment relations. I look forward to the United States-Armenia Council on Trade and Investment helping to unlock opportunities for workers, farmers, service providers, manufacturers and consumers in our two countries.”

During a meeting with Mullaney immediately following the signing of the accord, Armenian President Serzh Sargsyan was confident that the impending $250 million investment by Contour Global in Armenia’s energy sector would be the largest U.S. investment in Armenia to date, and will set an example for broader trade opportunities in the future.

ANCA Executive Director Aram Hamparian welcomed the accord, noting “Today’s signing of the TIFA represents a major step forward in U.S.-Armenia economic relations – the creation of jobs, the fostering of hope, the creation of opportunities in both countries. At a broader level, it is a stepping stone to even greater cooperation. We would like to see, for example, the U.S. and Armenia begin negotiating a Tax Treaty. Double taxation on U.S. and Armenia firms is a hindrance to the growth of economic relations, a deterrent to potential investors from either side, and needs to be removed.”