Coordinating Council of GUAM Banking Associations Established
Azerbaijan, Baku, 30 May / Trend corr I. Khalilova/ On 30 May, Baku hosted signing of the agreement to establish the Coordination Council of GUAM countries' banking associations. The agreement was undersigned by the Presidents of the Banking Associations of Georgia, Ukraine, Azerbaijan and Moldova.
The head of Georgian Banking Association Zurab Gvasaliya was selected the chairman of the Coordination Council for one year.
The main purpose to establish the Coordinating Council is to promote enhancement of trade and economic, scientific and technical, investment cooperation of GUAM entrepreneurs through more efficient application of payment and account, monetary and credit relations tools.
Trade turnover amongst GUAM countries is expected to total $4bln by the end of 2008, while it comprised $3bln in the end of 2007. The turnover may reach $10bln within next 2-3 years.
The Council's activities will be intended to form pre-requisites for expansion of high-quality banking, movement of goods, services and capital in the economic area of GUAM. Infrastructure, inter-bank relations are expected to be developed on the basis of up-to-day IT and IAS.
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