Bangladesh, Jan. 11 -- More than three decades after the collapse of the Soviet Union ignited violent disputes across the South Caucasus, Armenia and Azerbaijan stand closer to lasting peace than at any point in their modern history. Yet proximity alone does not guarantee success. Five months after the landmark White House meeting hosted by US President Donald Trump-where Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan committed to finalizing a peace treaty-the process has entered a fragile and potentially decisive phase. Without renewed momentum, what was hailed as a historic breakthrough risks becoming another missed opportunity in a region long scarred by conflict.

The roots of the Armenia–Azerbaij...