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  • Eu Georgia Free Trade Agreement

    As the world becomes more interconnected, the importance of international trade agreements cannot be overstated. One such agreement that has been in the news recently is the EU-Georgia Free Trade Agreement (FTA). This agreement promises to bring mutual benefits to both parties, and it`s worth examining what the agreement entails.

    First off, what is an FTA? A free trade agreement is a pact between two or more countries to establish a mutual trade relationship with each other. The FTA eliminates tariffs and other trade barriers to facilitate the flow of goods and services between the countries. By doing so, the agreement allows the countries to increase their trade volume with each other, which often results in economic growth and development.

    So, what does the EU-Georgia FTA cover? The agreement goes beyond tariffs, addressing regulatory issues such as technical barriers to trade and sanitary and phytosanitary (SPS) measures. The FTA should help to facilitate the export of products from Georgia, such as wine, mineral water, and agricultural products, to the EU`s market. The agreement should also make it easier for Georgian businesses to trade with the EU and invest in EU countries.

    This FTA is a part of a broader EU strategy towards the Eastern Partnership countries, which include Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine. The partnership aims to deepen ties between the EU and these countries and promote democracy, stability, and economic progress in the region.

    The EU-Georgia Free Trade Agreement was provisionally applied in 2014 and fully entered into force on 1st July 2016. Since then, there have been positive signs that the agreement is bringing benefits to both parties. Georgia`s exports to the EU have increased by 17%, while the flow of goods from the EU to Georgia has also increased.

    In conclusion, trade agreements like the EU-Georgia Free Trade Agreement have the potential to bring significant benefits to the countries involved. They create opportunities for businesses to increase their sales and help economies grow. The agreement is also an essential part of the EU`s overall strategy towards improving relations with its neighbors and fostering stability and prosperity in the region.