Politics 2021-05-15T08:13:57+03:00
Ukrainian news
GUAM Countries To Speed Up Introduction Of Free Trade Area

GUAM Countries To Speed Up Introduction Of Free Trade Area

Ukraine, Moldova, Georgia, free trade area, FTA, GUAM, Azerbaijan

Members of the GUAM Organization for Democracy and Economic Development (GUAM; Georgia, Ukraine, Azerbaijan, Moldova) have agreed to speed up the process of introduction of free trade area.

Prime Minister of Ukraine Volodymyr Groysman has said this at a business-forum within the framework of the GUAM governmental meeting, Ukrainian News Agency reports.

According to the Prime Minister, the countries agreed to study the opportunities to improve logistics and transport infrastructure in order to boost benefits of the partnership.

In addition, Groysman said that, in 2016, goods flow between GUAM countries increased by 2.9% to USD 1.7 billion.

The Prime Minister said that the figures are the indication of great potential of the partnership.

He underscored that economic cooperation within the GUAM has high importance and large potential.

According to results of the March 27 GUAM meeting, the sides agreed to continue encouraging businesses of their respective countries to employ possibilities of the free trade within the GUAM area to promote unhampered economic and trade ties between the countries with the potential of deeper cooperation.

As Ukrainian News earlier reported, Groysman hopes that the documents signed on March 27 allow to establish the free trade area within the GUAM in 2017.

In particular, the sides signed a protocol on establishment and activity of a working body with the purpose to coordinate actions of the parties to the Agreement on free trade area between GUAM member states dated July 20, 2002, and a protocol between customs administrations of the member states that acknowledges results of customs clearance of goods and vehicles moving across borders of the GUAM member states.

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