BAKU, Azerbaijan, Oct. 16
By Maryana Akhmedova – Trend:
Georgia, the EU, and Turkey entered into the "diagonal cumulation" agreement, which will allow the export of Georgian products made with Turkish raw materials to the EU market in a free trade regime, Trend reports via Georgian media.
The EU published the relevant document on October 15, 2021, stating that the "diagonal cumulation" between Georgia, the EU and Turkey has been in force since April 29, 2021.
"The "diagonal cumulation" agreement between the EU, Georgia and Turkey will dramatically increase the range of products that will be available for free trade in the EU, in particular textiles, furniture, building materials, plastics, steel products, paper and cardboard and other," Natia Turnava, Georgian Minister of Economy and Sustainable Development, said.
"Investments from Turkey will help establish joint companies and create new jobs," she added.
However, the agreement does not apply to agricultural products, as the customs union between the EU and Turkey does not cover this sector.
Georgian Ministry of Economy and Sustainable Development, with the support of the USAID Economic Security Program, is conducting a study aimed at identifying sectors that will benefit most from the introduction of "diagonal cumulation" between Georgia, the EU and Turkey.
The launch of the "diagonal cumulation" between the parties was preceded by the relevant negotiations and amendments to the Deep and Comprehensive Free Trade Agreement between the EU and Georgia and the Turkey-Georgia Bilateral Free Trade Agreement.
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