GUAM MEMBER COUNTRIES AGREE ON FREE-TRADE ZONE

Business news from Ukraine

GUAM MEMBER COUNTRIES AGREE ON FREE-TRADE ZONE

11 Oct , 2017  

TBILISI. Oct 11 (Interfax) – Georgia, Ukraine, Azerbaijan, and Moldova, which constitute the GUAM Organization for Democracy and Economic Development, are set to create a free-trade zone in the region, Georgian Deputy Prime Minister and Foreign Minister Mikheil Janelidze told reporters in Tbilisi.
“At this stage, we are working on agreements to implement a free-trade zone; the process is expected to be finalized by the end of the year,” Janelidze said, summarizing the results of the meeting of the GUAM foreign ministers held in Tbilisi on Sunday on the occasion of the organization’s 20th anniversary.
The free-trade zone is important not only for furthering trade and economic relations but also for boosting the transport corridor project, he said.
He underscored the significance of the transport corridor as a key priority of the GUAM countries. “We will do our best to make this transport corridor more efficient and attractive in the eyes of the world,” Janelidze said.
The corridor will be good for the region and ensure stability and development, he said. “Of course, we are inviting all interested states, both from the East and from the West, to cooperate,” he said.
The foreign ministers of Georgia, Ukraine, Azerbaijan, and Moldova signed a statement at the end of their meeting declaring their readiness for further close cooperation in all areas.
GUAM is a regional organization established in 1997. Georgia is presiding at the organization this year.