YEREVAN, JULY 17, NOYAN TAPAN. The signing of the agreement on cooperation between the Chamber of Commerce and Industry of Armenia (CCIA) and the Armenian-British Business Chamber (ABBC) took place in Yerevan on July 8. The agreement was signed by Chairman of ABBC Board Alan Kuchukian and CCIA President Martin Sargsyan. Under the agreement, the sides shall exchange information on economic development and the main issues of legislation of the two countries, discuss bilateral issues at meetings, provide assistance with the organization of meetings between businessmen of Armenia and Great Britain, and present proposals of the sides to government bodies. M. Sargsyan said that Armenian-British relations have a long history and date back to the Middle Ages. The mutual communication started in the period of crusades when on their way to Jerusalem the English visited Armenian Cilicia seven times. Trade links with Armenian merchants were established at that time. As long ago as 1511 the word "carpet" came into English, later into other European languages thanks to Armenian merchants. In 1835 Armenian traders first arrived in Manchester, after which the Armenian community of England started to form. It is enough to mention just one name - Galust Gulbenkian who became the best representative of Armenian entrepreneurs in England. Today the Armenian community of England is a powerful tool for promoting Armenian-British economic links. According to M. Sargsyan, Armenia exports rocks, copper concentrates, clothing, synthetic fabrics to Great Britain. Oil products, drugs, computers, cars, bulldozers, excavators, etc. are imported from Great Britain into Armenia. In the words of ABBC chairman, since Armenia will develop as a regional financial center, while London is the world's financial center, an exchange of experience between them is possible in financial-banking and insurance sectors. The sides can develop cooperation in the tourism sector too. A. Kuchukian underlined that close interaction can become a basis for setting up joint ventures and organizing joint exhibitions and business forums. He also pointed out the necessity to ensure the proper level of the Chamber's members in the state sector and in local self-government bodies of Armenia and Great Britain. A. Kuchukian said that in 2009 commodity turnover between Armenia and Great Britain made $34.2 million as compared with $87.6 million in 2008, with exports from Armenia amounting to $40.8 million and imports - to $46.8 million. To recap, the Armenian-British Business Chamber was founded in June 2010 in order to attract British businessmen and subsequent investment in various spheres of the Armenian economy. The main purpose of the Chamber's foundation and its activities is to protect the rights and interests of its members and promote bilateral economic ties. The governing body of the ABBC is its board composed of 14 founder members who represent Armenia-based British and Armenian companies.

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