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Eu Georgia Free Trade Agreement

The EU and Georgia meet regularly to discuss issues and best practices in implementing the agreement. Committees meet regularly. The EU-Ukraine CCFTA came into force on an interim basis on 1 January 2016. According to the European Commission, the DCFTA will provide Ukraine with a framework for moder...

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The EU and Georgia meet regularly to discuss issues and best practices in implementing the agreement. Committees meet regularly. The EU-Ukraine CCFTA came into force on an interim basis on 1 January 2016. [33] According to the European Commission, the DCFTA will provide Ukraine with a framework for modernising its trade relations and economic development by opening markets through the phasing out of tariffs and quotas and comprehensively harmonising legislation, standards and regulations in different trade-related sectors, creating the necessary conditions for aligning important sectors of the Ukrainian economy with EU standards. [1] «Unlike traditional free trade agreements, it provides for both the freedom of establishment in the services and non-service sectors, with limited reserves, and the extension of the internal market for a number of essential services sectors as soon as Ukraine actually implements the EU acquis.» [1] In addition, «Ukraine has access to the EU single market for the sectors concerned,» leading to an «unprecedented level of integration». [1] Since the provisional implementation of the Association Agreement in 2014, Georgia has already benefited from its integration into the EU internal market. As a result, the EU has become Georgia`s largest trading partner, with more than 30% of total trade and growth in Georgian exports to the EU market. While economic modernization has been stimulated, the effect of the DCFTA has been essential in making Georgia more attractive to foreign investment. The European Bank for Reconstruction and Development announced a record volume of investment in Georgia in 2016. Georgian entrepreneurs will be able to set up a business or branch of a company in a relevant European country and attract qualified staff to the European Union for a limited time; Service providers – as part of the agreement – can provide their services throughout the European Union.

The implementation of the CCFTA will also bring great benefits to the regulatory environment. with regard to the production and trade of industrial products, new regulatory standards will improve the safety and quality of products available on the market. And in fact, one of the largest supply markets in the world. This will provide Georgian companies with business opportunities and lower costs for the Georgian Treasury, as procurement rules will become more transparent, lighter and more efficient. At the beginning of the reforms, Georgia will have access to different types of supply offers in the European Union, which could lead to a full opening of the EU market. As a large-scale agreement, the free trade agreement covers trade in goods, trade in services, settlement, protection of intellectual property rights, public procurement, competition, trade and sustainable development. In the area of merchandise trade, the contracting parties lift all tariffs on industrial products as soon as the agreement enters into force. The agreement introduces a preferential trading system – the Deep and Comprehensive Free Trade Area (ACFTA). This regime improves market access between the EU and Georgia on the basis of better coordination of the rules. The CCFTA has been applied on an interim basis since September 1, 2014. Georgia has also concluded bilateral free trade agreements with Russia, Uzbekistan, Moldova, Kazakhstan, Ukraine, Turkmenistan, Azerbaijan and Armenia, Deputy Economy Minister Genadi Arveladze said at the meeting with media representatives on DCFTA affairs. With the creation of a free trade area, the rapprochement with chosen European legislation and the search for internationally recognised quality of goods, more growth is expected in the medium term through increased exports and additional investment.

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