Georgia’s Association Agreement with EU Enters Fully into ForceEU | July 1, 2016, Friday // 20:26| views
The association agreement between the EU and Georgia fully entered into force on Friday.
The agreement, signed in June 2014, aims to deepen political and economic relations between the EU and Georgia, also through the creation of a Deep and Comprehensive Free Trade Area (DCFTA).
Substantial parts of the association agreement have been provisionally applied since 1 September 2014. By removing customs tariffs and quotas and by comprehensively approximating trade-related laws and regulations to the standards of the European Union, the agreement offers Georgia a framework for boosting trade and economic growth, the European Commission said in a statement on Friday.
Enlargement Commissioner Johannes Hahn commented that the association agreement offers better business opportunities for Georgian small- and medium-sized enterprises, improved safety of locally-grown agricultural products and enhanced energy efficiency.
“These are just a few areas where we already saw promising signs during the provisional application of the Agreement, which can now progress even further, Hahn added.
The EU is providing around EUR 100 M per year in technical and financial assistance to Georgia to support the country's reform agenda, Hahn said, and called on Georgian authorities to make full use of that aid.
Georgian exports to the EU increased by 16% last year.
The agreement foresees reforms in a number of key areas, including increasing the stability, independence and effectiveness of institutions guaranteeing democracy and reforming the judiciary to strengthen the rule of law in Georgia, economic recovery and growth.