Deputy economy minister: “correct policy” for diversifying export markets has reduced reliance on Russia
Georgian deputy economy minister Genadi Arveladze at the Eastern Partnership Forum in Prague. Photo: ministry of economy
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Georgian deputy economy minister Genadi Arveladze on Tuesday told the Eastern Partnership Forum in Prague, Czechia the “correct policy” of the Georgian government to diversify its export markets had reduced the country’s reliance on the Russian market.
Arveladze said export of Georgian products was growing "significantly" in countries that had signed a “new generation” free trade agreements with it.
For example, in the eight months of 2022, exports to Russia increased by only two percent, [while] to the European Union [the figure increased] by 46 percent, and to China - by 18 percent", Arveladze said.
The deputy minister also spoke about the process of harmonisation of the Georgian legislation with normative acts of the EU. He said his government had successfully concluded negotiations with the bloc over the recent years, resulting in an opening of the EU market for exports of a number of Georgian products of animal origin.
He also reviewed political and economic reforms implemented in the country since its 2014 signing of the association agreement and the deep and comprehensive free trade area deal with the EU. Arveladze credited the latter with playing a "key role in the process of forming Georgia's trade policy".
Georgian external trade turnover amounted to billion in January-September 2022, posting a 35.3 percent increase year-on-year, the national statistics office revealed on Thursday.
Georgian economy minister Levan Davitashvili on Wednesday said the development of the intellectual property system was one of the “important and priority” directions of the Georgian government.
Georgia and the United Arab Emirates have launched the first round of talks for establishing a free trade agreement between them as part of a visit of UAE officials in capital Tbilisi, the Georgian ministry of economy announced on Tuesday.
An agreement on preliminary data exchange to simplify customs transit procedures between Georgian, Turkish and Azerbaijani Governments was signed on Thursday in a tripartite meeting by Levan Kakava, the Head of Georgian Revenue Service of the Ministry of Finance, Riza Turagay, the Deputy Minister of Trade of Türkiye and Shakhin Bagirov, the Acting Head of the State Customs Committee of Azerbaijan, in Azerbaijan's capital of Baku.
Türkiye ($2 billion), Russia ($1.71 billion) and China ($1.40 billion) were the top trading partners of Georgia in its total external trade turnover in January-September 2022, preliminary data from the national statistics office of Georgia show.
Georgia has exported locally produced goods worth $4.09 billion between January-September, which is a 37.4 percent increase year-on-year, preliminary data from the national statistics office of Georgia show.
Georgian prime minister Irakli Garibashvili on Monday said the domestic high economic growth rate was expected to be maintained with the year closing with “double-digit figures”. The government administration cited Garibashvili as saying the current 10.2 percent growth was “unprecedented in Europe”, in his summary of figures of the past nine months at the weekly government meeting.
Georgian external trade turnover amounted to $15.22 billion in January-October 2022, posting a 33.5 percent increase year-on-year, the national statistics office revealed on Monday.
Türkiye ($2.29 billion), Russia ($1.94 billion) and China ($1.52 billion) were the top trading partners of Georgia in its total external trade turnover in January-October 2022, preliminary data from the national statistics office of Georgia show.
Georgian external trade turnover amounted to $17.02 billion in January-November 2022, posting a 32.2 percent increase year-on-year, the national statistics office revealed on Monday.