US Trade Delegation to Assist Boosting Armenian-American Economic Ties

YEREVAN (Armenpress) — The Armenian-American Chamber of Commerce and the US Embassy in Armenia have gathered the business community representatives to more thoroughly present the opportunities to export the Armenian products to US via the Generalized System of Preferences (GSP).

During the conference Ara Hovsepyan – Chairman of the American Chamber of Commerce in Armenia (AmCham) delivered opening remarks stating that the organization has always assisted the Armenian business community to use this system.

“This system contributes to economic growth by ensuring the entry of goods from 129 countries to the United States through the privileged regime. Armenia is among these countries, more than 500 types of Armenian products can enter to the US via this regime without customs payments. The Armenian companies use this system, but on how it was successful I cannot say, however, there are positive trends. The US wants to increase the cooperation to a more serious level and boost the economic ties. On behalf of us I can state that everything is being done to present all these opportunities to the Armenian businessmen”, Hovsepyan said.

US Ambassador to Armenia Richard Mills said Ed Gresser, the Assistant United States Trade Representative for Trade Policy and Economics has arrived in Armenia to hold discussions with Armenian businessmen and officials, present the system’s opportunities in a more thorough way, as well as to contribute to expanding the export potential from Armenia to US.

“For me, as an Ambassador, number one priority is the deepening of Armenian-American business and trade ties in Armenia, and for that reason today’s meeting is very important. There has been progress in Armenia on many occasions, but this program is really important for the Armenian business community, it can contribute to increasing the trade turnover volume between our countries. 60% of Armenia’s exports enters to the US via GSP program. Among those goods are jewelry products, jam and others”, the Ambassador said.

This is the second conference in Armenia on GSP trade regime related issues. Established by the Trade Act of 1974, GSP is a U.S. trade program designed to promote economic growth in the developing world. GSP provides preferential duty-free entry for up to 3,451 products from 129 designated beneficiary countries and territories, including Armenia. As a beneficiary country, the majority of U.S. imports from Armenia entered the United States under the GSP program from 2012-2016. Current Armenian exports to the United States through GSP are valued at $25 million.