EU And Georgia Successfully Reach DCFTA Agreement

The European Commission website issued a successful "DCFTA agreement" on the same day with Georgia, which will be formally signed after the two sides have completed their internal procedures.

The agreement, as part of the bilateral agreement, covers trade, energy, services, rules of origin, customs and trade facilitation, anti fraud, trade relief and other fields, which will further enhance the political and economic integration of the two sides.

The start of the negotiations has lasted for only 17 months and has undergone 7 rounds of negotiations. After the agreement is reached, Georgia will benefit mainly from the following areas: first, the goods and services of Georgia will be more convenient to enter the EU market. The EU predicts that the agreement will increase Georgia's exports to the EU by 12%, and imports from the EU will grow by 7.5%. The two is to promote reform in the field of trade in Georgia.

Such as raising the hygienic standard of agricultural products and the regulation of industrial products to the European Union. The EU predicts that in the long run, the full implementation of the reform in the trade sector will increase the GDP of Georgia by 4.3% or 292 million euros. At the same time, it will also help to enhance the level of consumer safety in Georgia. The three is to promote EU's direct investment in Georgia.

The EU is the largest trading partner of Georgia, with bilateral trade volume of 2 billion 630 million euros in 2012. Georgia's trade with Europe accounts for 26.6% of its total trade.