Congressman Brad Sherman, a senior member of the House Financial Services and Foreign Affairs Committees, has called on the US administration to negotiate a new tax treaty between the United States and Armenia, reported Asbarez Armenian daily newspaper of the US.

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At a recent hearing before the Financial Service Committee, Sherman told Treasury Secretary Jacob Lew that currently, “we have a chicken and egg circumstance. You don’t get the business investment because you don’t have the tax treaty. Then you don’t need the tax treaty because you don’t have the business investment.

“We have tax treaties with scores of countries around the world. We devote a substantial amount of money to trying to achieve our international development goals and can always provide foreign aid to Armenia. But we can also achieve those goals by having a tax treaty.”

The Armenian National Committee of America (ANCA) applauded Sherman’s advocacy. “We join with Congressman Sherman in calling for a U.S.-Armenia Double Tax Treaty and thank him for his strong leadership in promoting expanded economic relations between the United States and Armenia,” said ANCA Executive Director Aram Hamparian.