U.S. Congressman secures key OPIC commitment for Armenia

U.S. Congressman secures key OPIC commitment for Armenia

PanARMENIAN.Net - U.S. Congressman Brad Sherman has secured an important commitment with the Overseas Private Investment Corporation concerning Armenia on Tuesday, July 17, the Armenian National Committee of America said in a tweet.

"Congressman @BradSherman has secured a binding commitment from @opicgov (the Overseas Private Investment Corporation) that it will "not finance regional projects in the Caucasus that are designed to exclude #Armenia," ANCA said.

The House Financial Services Committee senior member earlier called on U.S. Treasury Secretary Steven Mnuchin to work with the Armenian Government toward a new Tax Treaty that would, by eliminating the threat of double taxation, remove a key barrier to investment and facilitate the growth of transparent, sustainable bilateral economic cooperation.

During a July 12th Committee hearing, Rep. Sherman reminded Treasury Secretary Mnuchin of his commitment to “have at least one tax lawyer spend 28 hours on the project” which coincided with the number of co-signers of a Congressional letter, lead by Rep. Sherman and Rep. David Valadao (R-CA) urging U.S. leadership in replacing the outdated and obsolete Soviet-era U.S.-USSR treaty. That letter ended up being signed by 31 U.S. Representatives.

Rep. Sherman went on to note, “that work has not begun and it's not your fault. The Armenian government has had a lurch toward democracy and transparency, that many of us applaud. Things are a little bit of a state of tumult still in Yerevan. I'm assured that when things calm down, the Armenian government will approach us, committed to the kinds of transparency that our model tax treaty calls for…”

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