CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. EU Association Agreements With Moldova, Georgia Enter Into Force

EU Association Agreements With Moldova, Georgia Enter Into Force

by Ulrika Lomas,, 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

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »