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The Importance of TIFA for Armenia

http://armenia.usembassy.gov/news050715.html

Assistant United States Trade Representative for Europe and the Middle East L. Daniel Mullaney and Armenian Minister of Foreign Affairs Edward Nalbandian signed the Trade and Investment Framework Agreement (TIFA) between the Government of the United States of America and the Government of the Republic of Armenia on May 7.  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, U.S. Embassy in Yerevan reports.

"Today's agreement provides a vehicle for deepening and broadening U.S.-Armenia trade and investment relations," said Mullaney. "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",- he added.

According to the official data bilateral trade-exports plus imports, between Armenia and U.S. are estimated $153 million in 2014. The export of goods (poultry, machinery, vehicles, optic and medical equipment) from U.S. to Armenia totaled $56 million last year. The imported goods to U.S. from Armenia (aluminum, woven apparel, brandy, diamonds, processed fruits and vegetables) totaled $96 million in 2014. In total, the U.S. foreign direct investments in Armenia was $1 million in 2013.

It is a big opportunity for Armenia to strengthen its economic relations with the world number one economy and to create ground for new investment as it is the fundamental issue for country’s economic growth. Moreover, from 2014 Armenia needs to differentiate its investment partnership and areas of investment. In terms of trade, it  is more important for us that the signed TIFA will bring new quality measures and high standards into local trade as well.

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