California Governor Arnold Schwarzenegger Vetoes..

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Governor of California Arnold Schwarzenegger vetoed the law for the authorization for a privately-financed California state trade promotion office in Yerevan, Armenia. APA’s US bureau reports that the activity of the trade office will be suspended as from the first day of 2008.

Representatives of the state had adopted the law ensuring the operation of Armenian Trade Office until 2010.

Business, Transportation and Housing Agency said that the office in Armenia provides no tangible benefit to the state’s economic growth.

Garrett Ashley, undersecretary for international trade of the agency said that the office’s sales reached only $40,000 last year. On the other hand, among the Post Soviet countries, trade office operated only in Yerevan. Ms. Ashley said that Armenia holds the last place in the Caucasus for GDP per capita.

“The website of Central Intelligence Agency shows that GDP in Armenia increased only by 13%. This figure is 34% in the neighboring Azerbaijan, the record set in the world,” she said.

Undersecretary said that the office did not meet even minimal requirements.

One of the office’s branches is located in Yerevan and the other in Glendale, South California, compactly-settled by Armenians.