Efta Georgia Free Trade Agreement
The EFTA-Georgia Free Trade Agreement: What You Need to Know
The European Free Trade Association (EFTA) and Georgia signed a free trade agreement on June 27, 2016. This agreement aims to promote trade and economic relations between the two countries by removing trade barriers, facilitating investment and promoting fair competition. Here`s what you need to know about the EFTA-Georgia Free Trade Agreement.
What is the EFTA?
EFTA is an intergovernmental organization that was established in 1960 by Denmark, Norway, Sweden, Switzerland, and the United Kingdom. The organization promotes free trade and economic cooperation between its member states and other countries. Today, EFTA has four member countries – Iceland, Liechtenstein, Norway, and Switzerland.
What is the EFTA-Georgia Free Trade Agreement?
The EFTA-Georgia Free Trade Agreement is a comprehensive agreement that covers trade in goods and services, investment, intellectual property, competition, and sustainable development. It was signed on June 27, 2016, and came into force on September 1, 2017.
Benefits of the EFTA-Georgia Free Trade Agreement
The EFTA-Georgia Free Trade Agreement offers several benefits for both sides. Here are some of the key advantages:
1. Elimination of tariffs: The agreement eliminates tariffs on most goods traded between EFTA and Georgia. This will make EFTA goods more competitive in the Georgian market and vice versa.
2. Improved access to services: The agreement improves access to services such as banking, telecommunications, and transport between EFTA and Georgia. This will benefit businesses and consumers on both sides.
3. Facilitation of investment: The agreement provides a framework for investment protection and promotion. This will encourage businesses to invest in each other`s markets, leading to increased economic cooperation.
4. Protection of intellectual property: The agreement protects intellectual property rights such as patents, trademarks, and copyrights. This will provide legal certainty for businesses operating in EFTA and Georgia.
5. Promotion of fair competition: The agreement promotes fair competition by prohibiting anti-competitive practices such as cartels and abuse of dominance. This will benefit consumers by ensuring that they have access to a wider range of goods and services at competitive prices.
The EFTA-Georgia Free Trade Agreement is a comprehensive agreement that offers several benefits for both sides. By eliminating trade barriers, facilitating investment, and promoting fair competition, the agreement will promote trade and economic relations between EFTA and Georgia. This will benefit businesses and consumers on both sides and contribute to the overall economic growth of the two countries.