BAKU, Azerbaijan, April 5. An Intergovernmental Commission (IGC) is an important platform for the development of sectors important for both Latvia and Georgia, the Ministry of Foreign Affairs of the Republic of Latvia told Trend.
“We hope it will be possible to organize an IGC meeting this year in Georgia,” the ministry said.
According to the source, Georgia has always been an important economic cooperation partner for Latvia. Latvian Chamber of Commerce and Industry and Georgian Chamber of Commerce and Industry concluded a Memorandum of Understanding with the purpose of encouraging and facilitating actions leading to the development of commercial exchanges and economic cooperation between their members in 2014.
“We are pleased with the indications of recovery and growth in the trade exchange between our countries in 2021. There is potential and we look forward to the continuing expansion of cooperation between our countries,” the ministry said.
Meanwhile, the trade turnover between Georgia and Latvia in 2021 amounted to $45 million, which is an increase of 31.9 percent, compared to 2020 ($34.1 million). In particular, Georgia’s exports to Latvia in the reporting period amounted to $10.9 million - an increase of 15.9 percent, compared to 2020 ($9.4), while the imports totaled $34.1 million - an increase of 38.6 percent, compared to 2020 ($24.6 million).
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