Georgia, 4 European Countries Launch Free Trade Association

TBILISI – Georgia’s Deputy Prime Minister and Minister of Economy and Sustainable Development Dimitri Kumsishvili announced after a meeting with Iceland’s Minister of Industry and Commerce Ragnheiour Elin Arnadottir in Tbilisi on June 6, that a free trade agreement between Georgia and the European Free Trade Association (EFTA) will be signed in Bern, Switzerland on June 27.

The decision to start negotiations about an enhanced free trade agreement with Georgia was made at the EFTA ministerial meeting in November 2014.

A new European market of Switzerland, Norway, Iceland and Liechtenstein – with a combined population of 13 million people – will now be open for Georgia with the agreement.

The signed accord is the first international trade agreement between Georgia and the four affluent Western European countries.

The ministers of Georgia and Iceland discussed several important bilateral issues that included investments, direct flights between the two countries, developing Georgia’s film industry and tourism.

Reykjavik is also considering the possibility of entering into a renewable energy project with Georgia.

“We have very good political relations with Iceland, but it is necessary to develop our economic cooperation. We discussed the important first steps required for the implementation of the EFTA free trade agreement,” said Kumsishvili

By Eka Karsaulidze

Edited by Nicholas Waller

09 June 2016 12:56