NEWS

A deal with Turkey to add services to free trade agreement is revealed.

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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.

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Ukraine establishes two grain export routes via Romania, Poland

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Ukraine has established two routes to export grain through Romania and Poland, and is holding talks with the Baltic states to add a third corridor for food exports. The relevant statement was made by Ukrainian Foreign Affairs Deputy Minister Dmytro Senik in a commentary to Reuters, an Ukrinform correspondent reports. According to Senik, global food … Read more

Several support measures identified for freight carriers

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Deputy Prime Minister Andrei Spinu, Minister of Infrastructure and Regional Development met yesterday with several freight operators to discuss the flow of traffic at border crossings, the liberalization of road freight transport with the European Union, and the price of road transport permits. According to the institution, in order to reduce the waiting time for … Read more

Kazakhstan’s foreign trade sees growth – National Economy Minister

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Kazakhstan’s foreign trade volume saw an increase of 40,8% totaling $39,7 billion, Minister of National Economy Alibek Kuantyrov said Tuesday, Kazinform correspondent reports. While delivering a report at the Tuesday meeting of the Government, Minister Kuantyrov noted that exports increased by 60% amounting to $26,5 billion, exports of processed goods increased by 32% totaling $7,3 … Read more

Georgian exports reach monthly record-high $504 bln in May

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Overall, Georgian external trade turnover amounted to $6.91 billion between January-May 2022, posting a 37 percent increase year-on-year, Geostat said. Photo: Nino Alavidze/Agenda.ge Georgia exported a record $504 million of goods in May, marking a 48 percent increase compared to the same month of the previous year, preliminary data from the National Statistics Office of … Read more

Cabinet of Ministers discusses expansion of Azerbaijan’s transit opportunities

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Chaired by Prime Minister of Azerbaijan Ali Asadov, a meeting on the development of the country’s existing transit opportunities has been held at the Cabinet of Ministers. According to the Cabinet of Ministers, the event participants included persons in charge of the field, heads of relevant ministries and state companies. They analyzed the current situation … Read more

Economy minister: Armenia exporters, IT sector deeply concerned about devaluation of US dollar

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Exporters and the IT sector of Armenia are very concerned about the devaluation of the US dollar. Minister of Economy Vahan Kerobyan told reporters about this after Thursday’s Cabinet meeting of the government sitting. “Monetary policy should help economic growth and help two important sectors: exporters and the IT sector. We have many concerns from … Read more

UK Uzbekistan trade and investment cooperation is planned to be increased

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The meeting between deputy Prime Minister – Minister of Investment and Foreign Trade of Uzbekistan Sardor Umurzakov and the British Deputy Secretary of State for International Trade (Minister for Exports) Mike Freer has taken place.
The Ministry of Investment and Foreign Trade (MIFT) says that representatives of the London Stock Exchange and the financial corporations “Standard Chartered” and “TheCityUk” were also included in the British delegation.
They discussed the current state and prospects for deepening the Uzbek-British partnership in the field of investment, trade and industry during the meeting.
The positive trends in the development of mutual trade were noted with satisfaction: in 2021, the volume of trade between the two countries rose up by 65%, while exports from Uzbekistan to the UK grew up by 2.5 times. Uzbekistan’s obtaining the status of a beneficiary of the Great Britain’s Enhanced Generalized System of Preferences scheme (“GSP Enhanced Framework”) facilitated this. 2022 continues to show the positive dynamics in bilateral trade: in January and April, trade showed growth by 68% compared to the same indicator last year. Uzbek exports to the United Kingdom rose up by 2.6 times.
They reached an agreement on the development of joint measures to attract British investors to the creation of joint export-oriented industries in Uzbekistan. The preferences of the GSP Enhanced Framework system are also beneficial for the organization of trainings and workshops and for Uzbek manufacturers and exporters.
The delegations also discussed the prospects for intensifying investment cooperation. They emphasized on the 40% increase of the number of British enterprises operating in Uzbekistan over the past few years. Representatives discussed the prospects for cooperation in the framework of attracting new British companies to implement projects in the field of processing agricultural products, animal husbandry, biopharmaceuticals, the textile industry, information and communication technologies and green energy.
The agreement to intensify work on the preparation of the 26th Uzbek-British Trade and Industry Council (UBTIC), which will be held in October this year in Tashkent, was achieved by the parties. Ties between the business circles of the two countries will be strengthened by the event, as well as new “growth points” for economic partnership will be identified and British investment and technology will be attracted to promising sectors of the economy of Uzbekistan.
The results of the meeting permitted to determine the format of further interaction within the framework of each of the considered areas of cooperation.

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