Two-way goods trade between the United States and Caucasus region-comprising Armenia, Azerbaijan, and Georgia-totaled $5.6 billion in 2008, equivalent to the United States' 56th largest trading partner. Investment flows to and from the region remain strong due to Bilateral Investment Treaties between the United States and all three countries. Additionally, the United States and Georgia signed a Trade and Investment Framework Agreement (TIFA) in June 2007 that will provide a forum to address trade issues and will help bolster Georgia's ambitious program of economic reform and liberalization.
All three countries are beneficiaries under the Generalized System of Preferences (GSP) program, which provides specialized tariff treatment to nearly 3,400 types of products from the region.
The United States has encouraged accession to the WTO as an important means of supporting economic reform. Armenia and Georgia are WTO members, and the United States continues to work with Azerbaijan on its application through bilateral and multilateral negotiations.
U.S. goods imports from Armenia were $43 million in 2008; Azerbaijan $4.4 billion; and Georgia $231 million.
U.S. good exports to Armenia were $152 million in 2008; Azerbaijan $240 million; and Georgia $587 million.