Georgia demonstrates significant growth in foreign trade operations in 2014
Tbilisi, Georgia, Oct.29
By Nana Kirtzkhalia - Trend:
Significant growth in foreign trade operations was recorded in Georgia in 2014, compared with 2013, Georgian Prime Minister Irakli Garibashvili said Oct.29 in Tbilisi at the first international investment forum "Georgia - a regional center and gateway to Asia to Europe."
He said that the country's integration into European and Euro-Atlantic structures is one of the components of economic growth of Georgia.
The Prime Minister said that for the six months of 2014, turnover of Georgia with the European Union has increased by 15 percent compared with the same period last year.
"Our unwavering decision in connection with an even greater convergence with the US and Europe coincides with the objectives of the country to continue the process of economic and democratic transformation," said Garibashvili. "Association Agreement with the EU and deep comprehensive trade, intensification of Georgia's ties with NATO once again highlight this cooperation."
He said that Georgian products have already free access to the EU market.
"In addition, the free trade area significantly increases the attractiveness of investing in the Georgian economy, creating new opportunities for investment," he said. "The free trade area will increase the export of Georgia by 12.4 percent, and imports by 7.5 percent, according to preliminary estimates. Turnover of Georgia with the EU countries increased by 15 percent within 6 months of 2014, compared with the same period last year. Simultaneously, a significant increase in exports (41 percent) and imports (9 percent) has been recorded during the period. And that happens though the free trade zone has not yet started functioning."
Most of the items of the Association Agreement of Georgia with the EU, including a section on deep and comprehensive free trade area, entered into force September 1, 2014.