EU committed to supporting Georgia in strengthening its export competitiveness

Business Materials 14 October 2021 08:00 (UTC +04:00)

BAKU, Azerbaijan, Oct. 14

By Tamilla Mammadova – Trend:

Georgia has seen solid economic growth over the last few years, made possible partly due to ongoing economic reforms, the EU delegation in Georgia told Trend.

"These reforms have included overhauling tax collection procedures, fighting against corruption, opening up the country to foreign trade and investment, improving infrastructure and simplifying the business environment. The EU supports Georgia in developing its economic potential through international cooperation. This includes assistance in alignment with EU legislative standards," said the EU.

According to the source, the EU is also helping Georgia implement systematic Public Finance Management reform, whereby efficient budgeting, accounting and auditing of public resources will result in more effective allocation. The EU also supports the regional economic development policy of Georgia which creates new opportunities.

"Trade between the EU and Georgia has been growing steadily over the years and today the EU is Georgia’s main trading partner. The DCFTA deepens Georgia's economic ties with the EU, and includes provisions on public procurement, common customs’ rules, along with technical and sanitary standards for goods such as food items, intellectual property rights and competition rules," said the EU.

The EU is also committed to supporting the Georgian Government in strengthening its export competitiveness, for example, through the setting-up of Quality Management Systems and Quality Infrastructure Systems to assure standards are met, noted the source.

The EU is the main trade partner of Georgia. Around 27 percent of its trade takes place with the EU, followed by Turkey (13.6 percent) and Russia (11 percent). The key export products are mineral products, machinery and appliances, and chemical products. The key EU imports from Georgia include mineral products, agricultural products, base metals and chemical products. The EU imported goods to the value of 653 million euros from Georgia in 2018.


Follow the author on Twitter: @Mila6197935