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Armenia advances TRIPP bill tied to US-backed trade corridor plan
The plan envisions the United States holding a 74% stake, while a new TRIPP Development Co. would operate under a 49-year lease after additional agreements are signed.
Armenia has approved a government bill, dated July 16, intended to formalize the country’s role in developing the Trump Route for International Peace and Prosperity, or TRIPP, which is described as a key node in the emerging Middle Corridor trade network, according to OilPrice.
The framework agreement that guides TRIPP, which was signed by US and Armenian officials, sets out operational and ownership structures, with the United States envisioned to hold a 74% stake and the Armenian government holding the remainder. OilPrice also reports that Armenia’s Foreign Minister Ararat Mirzoyan said the bill does not add new provisions and is consistent with the US-Armenian framework agreement signed in January.
Before construction could begin, Mirzoyan said two additional agreements would need to be negotiated and signed, including a shareholders’ agreement and a TRIPP Development Co. charter. OilPrice added that, if the bill clears legal review by Armenia’s Constitutional Court, it would go to parliament for a vote.
A newly created entity, TRIPP Development Co., would have a 49-year lease to build and operate the transit route, with TRIPP positioned as the centerpiece of the provisional Armenian-Azerbaijani peace deal referenced in the report. OilPrice reports the court review and parliamentary vote are the next steps before the lease and construction process can proceed.