Georgian Deputy Economy Minister, WTO Director-General discuss priority areas of cooperation

The main trends in Georgia's trade policy and the priority areas of cooperation with the World Trade Organisation were discussed on Tuesday in a meeting between Genadi Arveladze, the Deputy Economy Minister of Georgia, and Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation.

Arveladze handed her Georgia’s instrument of ratification regarding the WTO Agreement on Fisheries Subsidies.

The Georgian official noted that the country had always stood out for its full implementation of the commitments undertaken within the framework of the World Trade Organisation.

Arveladze emphasised that Georgia was actively participating in WTO initiatives aimed at strengthening the multilateral trading system.

“Georgia’s accession to the Agreement on Fisheries Subsidies is a clear demonstration of our support for the multilateral trading system. This step further confirms Georgia’s continued engagement in the international efforts for the sustainable and responsible use of marine resources. We appreciate the collective efforts of WTO members in reaching this agreement and look forward to continuing cooperation toward its effective implementation”, he noted.

He also emphasised that Georgia was distinguished by its liberal foreign trade regime, simplified customs procedures, low import tariffs, and minimal non-tariff regulations. Moreover, the country continues to pursue the development of preferential trade agreements both within and beyond the region.

“The free trade agreements that Georgia has signed with various major markets offer the country’s private sector - especially small and medium-sized enterprises - increased opportunities for access to high-quality markets with more than 2.3 billion consumers”, the Deputy Minister continued.

During the meeting, the Director-General of the World Trade Organisation positively assessed the Georgian Government’s economic policy and the structural reforms implemented, which have enabled the country to maintain resilience amid current global challenges and have facilitated its integration into global value chains.

It is worth noting that the Agreement on Fisheries Subsidies was adopted on June 17, 2022, at the 12th WTO Ministerial Conference. The agreement aims to prohibit subsidies in the fisheries sector that contribute to illegal, unreported, and unregulated (IUU) fishing.

At the conclusion of the meeting, the Deputy Minister invited the WTO Director-General to attend the 5th Tbilisi Silk Road Forum, which will be held between October 22 and 23.