The dissolution of the Soviet Union in December 1991 brought an end to the Cold War and created the opportunity for bilateral relations of the United States with Armenia and other New Independent States (NIS) as they began a political and economic transformation. The United States recognized the independence of Armenia on 25 December 1991, and opened an embassy in the capital city of Armenia, Yerevan in February 1992. The United States has made a concerted effort to help Armenia and other NIS during their difficult transition from authoritarianism and a command economy to democracy and open markets. The cornerstone of this continuing partnership has been the Freedom for Russia and Emerging Eurasian Democracies and Open Markets (FREEDOM) Support Act, enacted in October 1992. Under this and other programs, the United States to date has provided nearly $2 billion in humanitarian and technical assistance for Armenia. On 27 March 2006, Armenia signed a Millennium Challenge Compact with the United States; the agreement entered into force on 29 September 2006. Provided the Armenian Government makes progress on mutually agreed-upon policy performance criteria (corruption, ruling justly, and investing in people), the agreement will provide $235 million to Armenia over five years to reduce rural poverty through the improvement of rural roads and irrigation networks. In 2013, the United States and Armenia held their first-ever joint military drills, during which Armenian soldiers were trained for their current multi-national peacekeeping operations. According to the 2016 U.S. Global Leadership Report, 42% of Armenians approve of U.S. leadership, with 31% disapproving and 27% uncertain. On 24 April 2021, the Armenian Genocide Remembrance Day, US President Joe Biden referred to the Armenian genocide as "genocide" in a statement released by the White House. Country comparison United States–Armenia economic relations In 1992, Armenia signed three agreements with the United States affecting trade between the two countries. The agreements were ratified by the Armenian parliament in September 1995 and entered into force in the beginning of 1996. They include an "Agreement on Trade Relations", an "Investment Incentive Agreement", and a treaty on the "Reciprocal Encouragement and Protection of Investment" (generally referred to as the Bilateral Investment Treaty, or BIT). Armenia does not have a bilateral taxation treaty with the United States. The 1994 Law on Foreign Investment governs all direct investments in Armenia, including those from the United States. Approximately 70 American-owned firms currently do business in Armenia, including