The inaugural session of the Russian-Armenian intergovernmental commission on economic cooperation, held in Yerevan on June 30-July 1, considered a number of ambitious projects in the energy, machine-building, transportation, and banking sectors, but its activities appeared to be limited mainly to discussions. The chief tangible result of the session was an agreement on restructuring Armenia’s arrears on Russian state credits. Russian deputy prime minister and co-chairman of the joint commission, Valery Serov, handed to Armenian president Levon Ter-Petrosian an invitation to visit Moscow next month in order to sign with Russian president Boris Yeltsin a bilateral treaty on friendship, cooperation, and mutual assistance.
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