According to Genadi Arveladze, the Deputy Economy Minister of Georgia, the free trade agreement between Georgia and Turkey will be amended by the two states to make it easier for businesses to sell their services to the two markets. This decision was made following his meeting with Mustafa Tuzcu, the Deputy Minister of Trade of Turkey.
The dialogue between the two officials took place on the sidelines of the World Trade Organisation’s 12th Ministerial Conference. As it was announced by Georgia’s Economy Ministry on Tuesday, they agreed on talks to add trade in services to the deal “in the near future”.
According to Arveladze, Turkey is Georgia’s “largest trading partner”. He also added that the amendment to the agreement would increase bilateral trade turnover and would be “equally beneficial” for both countries.
The “difficult geopolitical situation” in the Black Sea region on the backdrop of the conflict in Ukraine, and opportunities for further intensification of bilateral trade and economic relations were also discussed by Georgian and Turkish officials.
They also noted during the meeting that Turkey is ranking first among Georgia’s largest trading partners (15 percent share, along with a 28 percent growth in bilateral trade turnover and a 23 percent increase of Georgia’s exports in the first quarter of 2022).
According to the ministry, Georgia officially joined the initiative to regulate trade in services by countries with advanced economies in the framework of the Ministerial, and they set Arveladze to hold bilateral meetings with the heads of trade delegations of various countries.
The functioning of the multilateral trading system was reviewed at the Conference that took place in Geneva, Switzerland, between June 12-15 and gathered ministers from across the world.