Armenia's parliament to hold an extraordinary session on the TRIPP project

Armenia's parliament will hold an extraordinary session on the TRIPP (Trump Route for International Peace and Prosperity) project.

The corresponding decision was approved at a government session on Thursday, Sputnik Armenia reports.

Placed on the agenda of the extraordinary session is a draft of amendments to the law "On Joint-Stock Companies," which will regulate the legal relations of companies established on the basis of international agreements with a share of 25% or more held by the government of Armenia. This will help regulate the work of TRIPP Development Company, created for the construction and management of the aforementioned route, but it is also intended for other companies that may be created in an international format.

The TRIPP project — ("Trump Route for International Peace and Prosperity") provides for the creation of a strategic transit corridor through Armenia's Syunik region. It is emphasized that it will function exclusively within Armenian jurisdiction and does not affect the country's sovereignty. Under the project, Armenia will grant the United States exclusive long-term rights for up to 99 years to develop the route, through which Azerbaijan expects to establish a land link with Nakhchivan. It envisages the creation of a company with a controlling stake held by the United States, with Armenia having control mechanisms on matters of principle. At the first stage, the United States is offered a 74% stake, and Armenia 26%, with the possibility of increasing Armenia's share to 49% upon extension of the agreement.

On May 26, during a short visit by U.S. Secretary of State Marco Rubio to Yerevan, Armenia and the United States initialed a framework agreement on strategic partnership within the TRIPP project and the Charter of Comprehensive Strategic Partnership between the two countries.