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Georgia, Turkey talk expanding free trade agreement

Trend | 15 December 2021

Georgia, Turkey talk expanding free trade agreement

By Maryana Akhmedova

Georgia’s Minister of Economy and Sustainable Development Natia Turnava and Turkish Minister of Trade Mehmet Mush agreed on discussing further liberalization of tariffs and trade in services at the Free Trade Committee meeting on December 23 in Tbilisi, Trend reports via the press service of Georgia’s Ministry.

The issue was discussed within the framework of the Georgia-Azerbaijan-Turkey Business Forum, which was held in Baku on December 14.

The parties noted the successful cooperation between Georgia and Turkey in trade, energy, transport, communications, tourism and other economic sectors.

The sides also discussed the so-called agreement between Georgia, Turkey and the EU, which aims to develop exports of products made in Georgia from Turkish raw materials to the EU market in a free trade regime.

The introduction of “diagonal cumulation” is of special importance for Georgia’s industry development, in terms of foreign investments attraction, joint companies and new jobs creation.

The ministers also talked about cooperation in land and sea transport, as well as in the field of freight transport.

Natia Turnava stressed the importance of holding business forums in Georgia, Azerbaijan and Turkey, which have been held since 2012, which provide opportunities for businesses to acquire new partners and develop connections.

Meanwhile, Turkey became Georgia’s top trading partner over the first 10 months of 2021, with bilateral trade increased by 30 percent, and Georgia’s exports to Turkey increased by 66 percent.

According to the preliminary data, Turkey’s investments in Georgia over the first three quarters of 2021 reached $75.5 million, which is an increase of 107 percent, compared to the same period of 2020.

 source: Trend