Georgian Economy Minister Natia Turnava stated at the 3rd annual US-Georgia strategic partnership conference in Washington D.C. that a free trade agreement between Georgia and the US is the best way to deepen economic cooperation between the countries.
Turnava talked about free trade opportunities at the session ‘Trade and Commerce: Regional Hub for Economic Growth’ which was held as part of the conference on June 13.
Georgia raised the issue of signing a free trade deal with the US in 2018, claiming that it would significantly increase the export value of both countries, promote investments and facilitate the creation of new jobs.
Georgian minister talked about free trade opportunities at the session ‘Trade and Commerce: Regional Hub for Economic Growth’. Photo: Ministry of Economy.
Meanwhile, yesterday the US Department of Commerce and the Georgian Ministry of Economy signed a memorandum of understanding on cooperation to enhance bilateral trade relations.
Turnava used the platform of the conference and stated that Georgia is a small, but attractive country for international trade. She said that Georgia has an open and liberal market for investment and enjoys a strategic geographic location.
Turnava also talked about the bilateral trade dynamic and said that trade turnover between Georgia and the US increased by 33 per cent in 2018 and reached $520 million. She said that despite the positive dynamic, this result is not enough and “we are interested in maximalising the potential of trade and investment with the US”.
Georgian delegation at the meeting with members of the borad of directors of the Exim Bank. Photo: Ministry of Economy.
While in the US, Turnava also met with a member of the board of directors of the Export–Import Bank of the US, Judith Pryor. Turnava and Pryor discussed the potential of cooperation in different fields of economy: real estate, hospitality, business process outsourcing and production.