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EU Association Agreements With Moldova, Georgia Enter Into Force

by Ulrika Lomas, Tax-News.com, Brussels

05 July 2016


The European Union's (EU's) association agreements with Moldova and Georgia have entered into force, establishing two new deep and comprehensive free trade areas (DCFTAs).

The agreements entered into force on July 1. They aim at deepening political association and economic integration between the EU and Moldova and the EU and Georgia, respectively, and at the gradual integration of Moldova and Georgia into the EU internal market.

The European Commission said that, in the case of Moldova, the DCFTA "goes significantly further than classical forms of economic integration, offering not only improved trade and investment opportunities but also assistance in trade-related reforms with the aim to contribute to economic recovery and growth and to better integration of the Moldovan economy with the world markets."

Currently, 31 percent of Georgia's total trade is with the EU. The Commission said that "by removing customs tariffs and quotas and by comprehensively approximating trade-related laws and regulations to the standards of the European Union, the Agreement offers Georgia a framework for boosting trade and economic growth."

The Commission explained that the reforms required under the agreement will bring Georgia more closely in line with EU standards, making it easier for Georgian producers to export to the EU. The agreement will also remove existing barriers for trading goods and services within the EU. The EU will assist Georgia with the modernization of its economy, by creating new investment opportunities, upgrading existing infrastructure, and boosting certain economic activities.

Both Moldova and Georgia have made commitments on democracy and the rule of law, human rights and fundamental freedoms, good governance, a market economy and sustainable development.

TAGS: investment | European Commission | free trade agreement (FTA) | law | tariffs | trade treaty | agreements | Georgia | Moldova | standards | regulation | trade | European Union (EU) | services | Europe

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