Ukraine, Georgia amend agreement on free trade

Business Materials 21 May 2019 18:27 (UTC +04:00)

Baku, Azerbaijan, May 21


Ukraine's First Deputy Prime Minister Stepan Kubov and Georgian Minister of Economy Natia Turnava signed a protocol that amended the Agreement between the Government of Ukraine and the Government of Georgia on free trade, Trend reports with reference to the Ministry of Economic Development of Ukraine.

The changes will allow Ukraine and Georgia to use identical rules of origin for goods in bilateral trade and apply the positions of the Regional Convention on Pan-Euro-Mediterranean Preferential Rules of Origin (PEM Convention).

The pan-euro-med convention is a tool that establishes identical rules of origin for goods that are applied in the framework of free trade agreements between its contracting parties.

The Convention provides for the possibility of diagonal cumulation, it enables its member countries to use each other’s raw materials, and not just national ones.

Ukraine began to use this convention on January 1, 2019.

Changes to the Free Trade Agreement will enter into force after ratification by the parliaments of both countries. As is known, the free trade regime between Ukraine and Georgia has been in operation since 1996.