BAKU, Azerbaijan, November 20
By Tamilla Mammadova – Trend:
A meeting of the intergovernmental commission on economic cooperation between Turkey and Georgia was held in Ankara after a 14-year break, Trend reports citing the Ministry of Economy and Sustainable Development of Georgia.
The meeting was co-chaired by Minister of Economy and Sustainable Development of Georgia Natia Turnava and Minister of Trade of Turkey Ruhsar Pekcan.
It was noted that Turkey is Georgia’s largest trading partner, but the existing free trade agreement between the countries no longer meets modern opportunities and challenges.
The parties expressed confidence that the successful completion of negotiations on amendments to this agreement will contribute to the development of bilateral trade and increase the volume of Georgian exports to the Turkish market.
It was emphasized that implementing internal procedures of the Protocol for Diagonal Cumulation between Georgia, Turkey and the European Union will open up an additional opportunity for Turkish and Georgian businesses to increase joint exports to the EU market. The document stipulates export of products made in Georgia from Turkish raw materials to Europe through a free trade regime with the EU.
According to the Georgian minister, this agreement will increase the range of products that Turkey and Georgia will be able to export to the EU market, which will benefit both Georgian and Turkish businesses.
The parties agreed that before the end of the year, the Turkish side will send an expert group to Georgia to study the possibilities of increasing Georgian exports.
At the meeting, the parties signed a protocol that determines priority issues in the field of economic cooperation between the two countries, including in the areas of trade, investment, transport and logistics.
The Georgian-Turkish intergovernmental commission on economic cooperation has not functioned since 2005. The decision to resume its work was made at the end of October.
Turkey is Georgia’s largest trading partner. The foreign trade turnover between the countries from January through September 2019 amounted to about $1.3 billion, which is 14.1 percent of the total trade turnover of Georgia. The Trade turnover between the two countries grew by 2.8 percent compared to the same period in 2018.
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