Three decades since the restoration of independence, the newly emerged realities have facilitated the commencement of normalisation of relations between Armenia and Azerbaijan, as well as Armenia and Turkey in strategically placed region of South Caucasus nestled between the Black and Caspian Seas, which will, in all likelihood, provide a significant impetus to regional development across all relevant dimensions, including international trade. The aforementioned prediction is also supported by the fact that countries of South Caucasus have immense trading potential: with neighbouring states Turkey, Russia, Iran constituting a 300+ million market, 50 European states – 750+ million market (namely EU common market – 450 million people), Central Asia – 75 million market, China – 1 439 million market , the Mena region etc. Additionally, it must be noted that the development of international trade in South Caucasus is heavily influenced by international institutions and obligations towards third-countries, namely: