Giorgi Gakharia Met Turkish Minister of Economy

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The FINANCIAL — Trade and economic relations between the two countries were discussed at the meeting of the Economic Ministers of Turkey and Georgia, which was held within the framework of the official visit of the Prime Minister of Turkey, Binali Yıldırım to Georgia.

Giorgi Gakharia and Nihat Zeybekci discussed the issues related to the further liberalization of the trade and the opportunities that the two countries have in terms of development of the cooperation in such fields as import and export, tourism, innovations, information technologies, etc.

Giorgi Gakharia noted that the consistent enhancement and liberalization of the trade and economic relations between Georgia and Turkey during the recent years led to the successful implementation of the various projects in almost every field. The Minister evaluated the cooperation between Georgia and Turkey to be the outstanding example of how using the potential of the other partner can contribute to the welfare of the own population, according to Ministry of Economy and Sustainable Development of Georgia.

“Successfully implemented projects and initiatives implemented between our countries resulted in the fact that Turkey has become one of the largest trade partner to Georgia during the recent years. The share of the turnover from the trade with Turkey equals to the 16% of the total trade turnover, which is the confirmation of increasing volume of the trade relations. According to the data of the first 4 month of the year 2017, the export of Georgian products to Turkey amounts to 76 million USD, which is the 19% higher indicator compared to the same period of the previous year. In terms of export, Turkey is the third largest partner to Georgia,” – Minister of Economy and Sustainable Development stated. 

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Ongoing negotiations on further expansion of the Free Trade Agreement between Georgia and Turkey, which implies further liberalization of the trade of goods and adding the component of the liberalization of the trade of services. Georgia finds it very important that Turkey, within the framework of the liberalization, considers the further trade liberalization of such products as wine, honey, livestock animals, grapes, tea, fruit and dried fruit, fruit jams, fruit and vegetable juices, fish flour, etc. This will facilitate the increase of the export of Georgian agro-products to Turkey, the enhancing of trade relations between the two countries and will allow even more Georgian entrepreneurs to benefit from the Free Trade Regime. 

Georgian and Turkish Ministers agreed on speeding up the negotiation process on expanding the existing Free Trade Agreement regarding the further liberalization of the trade of goods and adding the component of the liberalization of the trade of services.

Giorgi Gakharia also noted the increasing interest of the Turkish investors regarding the different field of Georgian economy and highlighted the fact that Turkey is Georgia’s one of the largest partners in terms of investments. Minister presented some data illustrating that in 2015, the total investments from Turkey amounted to 73 million USD, which is by 15% higher compared to the indicator of the previous year. At the same time, according to the preliminary data of 2016, the total Turkish investments amount to 272 million USD, which is by 275% (4 times) higher indicator compared to 2015 and equals to 17% of the total foreign investments implemented in Georgia.

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Upon the completion of the meeting, the Minister of Economy and Sustainable Development of Georgia, Giorgi Gakharia and the Minister of Economy of Turkey, Nihat Zeybekci signed the Declaration on Establishing of the Joint Economic Trade Committee (JETCO).

 

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