What does the Riga Summit declaration say about Georgia-EU economic cooperation?

The main and final document of the Eastern Partnership (EaP) Summit in Riga, published on the last day of the international meeting on May 22, includes several important messages about Georgia’s achievements in energy, transport and trade sectors and voices the future cooperation strategy between the European Union (EU) and Georgia.

The joint declaration is the final agreement between the leaders of EU member countries and their counterparts from EaP partner countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine).

DCFTA

The Summit participants welcomed the successful start of the implementation of the Association Agreements. They took positive note of the increase in trade between the EU and Georgia and the Republic of Moldova respectively, since the application of the DCFTAs.

The EU was Georgia’s top partner in foreign trade in 2014. See our Infographics to learn more about this.

The EU will continue to provide significant support and dedicated programmes to bolster all three partners' capacity to carry forward comprehensive reform, which is essential so countries can get the maximum benefits from the AA/DCFTA deals.

Meanwhile, the participants also welcomed the significant financial and technical assistance and policy advice provided by the EU to support the implementation of economic and institutional reforms in the Republic of Moldova and in Georgia. They also welcomed support for Georgia through the ongoing Macro-Financial Assistance programme.

Support of the small and medium-sized business

The declaration noted Summit participants "welcome closer cooperation within the EaP in the areas supporting business and enterprise". 

"The partners agree to the further strengthening of the business dimension of the Eastern Partnership including through improving the business environment and legal certainty in Eastern European partners to the benefit of local, regional and European Small and Medium-sized Enterprises (SMEs) and businesses.”

The EU has also put in place a new initiative, the DCFTA Facility, to support Small and Medium-Sized Enterprises (SMEs) that benefit from the AA/DCFTA deals.

The Summit participants now looked forward to the imminent accession of the Republic of Moldova to the Regional Convention on pan-Euro-Mediterranean preferential rules of origin and look forward to future accession of Georgia.

They took note of the recommendations submitted by the Business Forum held in Riga on May 21 in conjunction with the Summit, and welcomed the EU cooperation programmes that supported the development of SMEs within Eastern European partners.

Digital Economy

The Summit participants recognised the digital economy was an area with yet untapped potential for both the EU and their partners.

They looked forward to holding of the first EaP Ministerial meeting on digital economy next month and the planned establishment of a Panel on Harmonising Digital Markets in the second half of this year.

Energy

The declaration said participants welcomed the progress in the negotiations for Georgia's accession to the Energy Community.

They acknowledged the progress made on major energy infrastructure projects and interconnectivity enhancements put in place since the last Summit including Georgia, in the realisation of the Southern Gas Corridor and the ongoing work on the expansion of the South Caucasus Pipeline, and the Trans-Anatolian Pipeline and the Trans-Adriatic Pipeline.

Transport

In the area of Transport, the Summit declaration stressed the importance of making transport links between the EU and Eastern European partners safer and more efficient, and of supporting the improvement of logistics systems, including motorways of the sea, and fostering cooperation between rail corridors.

They welcomed implementation of the EU-Republic of Moldova and EU-Georgia Aviation Agreements.

Learn more about what the Riga Summit final declaration says on Georgia-EU further political relations, visa liberalisation and military cooperation.