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Georgia-EU free trade talks end with progress on agreement

Georgia-EU free trade talks end with progress on agreement
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Economic ties between the European Union and Georgia will be strengthened after the two successfully concluded talks on a free trade agreement.

The Deep and Comprehensive Free Trade Area (DCFTA) is part of the Association Agreement that will lead to closer political association and economic integration between the former Soviet nation and Europe.

Georgia will gain more access to European markets in exchange for political reforms in the former Soviet nation.

Negotiations began in July 2010.

Georgia’s Foreign Minister Maia Panjikidze met with her EU counterparts on Monday to present the Georgia’s policy achievements since the country’s ‘Dream Coalition’ came to power in October 2012.

“The DCFTA will allow Georgia to become a part of common European economic space,” Panjikidze told euronews.

“It means that Georgia will become attractive for foreign investors because someone who invests in Georgia will not only enjoy small market of Georgia or the region, but the whole market of the European Union. And it makes the situation stable in Georgia,” she explained.

According to the European Commission, the EU is Georgia’s largest single trading partner, with the bloc accounting for more than 26.6 percent of Georgia’s total trade last year.

It’s estimated the deal could boost Georgia’s GDP by 4.3 percent per year.