YEREVAN, OCTOBER 16, ARMENPRESS. U.S. Ambassador to Armenia Richard M. Mills, Jr. answered, at the request of “Armenpress”, questions referring the Trade and Investment Framework Agreement (TIFA), signed between the USA and Armenia in Washington on May 8, the terms of creation of United States-Armenia Council on Trade and Investment.

What new possibilities will be created as a result of TIFA signed between Armenia and the USA by Armenia Foreign Minister Edward Nalbandian and U.S. Trade Representative Den Mulani on May 8 of the current year during President’ Serzh Sargsyan’s visit to Washington?

The TIFA, signed in May, created a new United States-Armenia Council on Trade and Investment. This Council’s high-level members will discuss bilateral trade and investment and related issues. They will examine ways to strengthen the trade and the investment relationship between the two countries. So it will be up to both sides to identify opportunities through the framework to strengthen our trade relationship.

In your opinion, which spheres in Armenia are of interest to American investors?

American investors are already interested in many opportunities in Armenia. Total two-way trade (exports plus imports) between the United States and Armenia totaled $153 million in 2014. U.S. goods exports to Armenia in 2014 totaled $56 million and included poultry, machinery, vehicles, and optic and medical equipment. Total U.S. foreign direct investment in Armenia was $1 million in 2013. U.S. goods imports from Armenia in 2014 totaled $96 million in 2014 and included aluminum, woven apparel, brandy, diamonds, and processed fruit and vegetables. Total Armenian foreign direct investment in the United States was $1 million in 2013. The U.S. remains one of Armenia’s most vital and important trade partners. That is a testament to our countries’ close, historical ties – economically, politically, and culturally.

Are the terms for creating United States-Armenia Council on Trade and Investment already clear, how long will it take?

With any high-level delegation, it takes time to find appropriate scheduling opportunities. We are hopeful the US-Armenia Council on Trade and Investment will meet in mid-November in Yerevan.

Henrikh Margaryan