At the July 16 session, the Armenian government approved the framework agreement on strategic cooperation regarding the Trump Road for International Peace and Prosperity (TRIPP) project, starting the process of its ratification.

According to the Minister of Foreign Affairs Ararat Mirzoyan, in the next stage the document will be sent to the Constitutional Court to get a conclusion on the constitutionality. If the CC records that the agreement does not contradict the Constitution, it will be submitted to the National Assembly for ratification.

The issue of the TRIPP fund, which will be headed by Konstantin Sokolov, was also discussed at the government meeting. “The head called TRIPP is the appointed person, it refers to the TRIPP investment company, this has a very indirect connection with the TRIPP company to be established and operated in the territory of Armenia,” Mirzoyan summed up.

According to Ararat Mirzoyan, in order to complete the process of establishing TRIPP in Armenia, two more documents need to be agreed: the agreement between the shareholders and the company’s charter, on which work continues.

He emphasized that the whole process is carried out with respect for Armenia’s sovereignty, jurisdiction and territorial integrity.

According to the minister’s presentation, the TRIPP company will be able to establish subsidiary companies in different areas of Armenia and acquire development rights for an initial period of 49 years. 74 percent of the company’s shares will belong to the American side, and 26 percent to the Republic of Armenia.

According to Ararat Mirzoyan, after the end of the 49-year term, it will be possible to extend it for another 50 years, as a result of which Armenia’s share may increase, reaching up to 49 percent.

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