Page 29 - GEORptAug22

5.3 FTAs
Baku and Tbilisi intend to bring trade turnover to $1bn in 2022
Georgian PM Gharibashvili and Saudi economy minister discuss deepening cooperation
EU Commission increases
Baku and Tbilisi are preparing to sign 19 documents aimed at the expansion of bilateral cooperation, according to the head of the Ministry of Foreign Affairs of Azerbaijan Jeyhun Bayramov.
“Since 2019, the two foreign ministries have held 21 official meetings. At the moment, Baku and Tbilisi are preparing to sign 19 documents," Bayramov said at a briefing on the outcome of the talks in Baku with his Georgian counterpart Ilia Darchiashvili. Bayramov added that "Georgia plays an important role in the issue of regional cooperation" and expressed hope that the visit of Darchiashvili will give a positive result in the development of regional and bilateral relations.
"Baku supports the territorial integrity of Georgia, we observe similar support from the side of Georgia," he said. Bayramov, drawing on bilateral economic cooperation, concluded that in 2021 the mutual trade turnover amounted to $800mn, in the first quarter of 2022, $260mn. "The parties intend to increase the trade turnover to $1bn this year," - he concluded.
Georgian Prime Minister Irakli Gharibashvili and Saudi Economy Minister Faisal bin Fadel al-Ibrahim have discussed deepening economic links between the two countries.
The importance of “fruitful cooperation” between agencies of Georgia and Saudi Arabia, and the prospects for deepening connections in the field of the economy were discussed on March 30 in a meeting between Gharibashvili and al-Ibrahim.
The Georgian PM and the visiting minister talked about the possibility of establishing a joint economic committee for cooperation, with Gharibashvili welcoming the entry of more Saudi investors in the Georgian economy, Georgia’s government said.
During the discussions, the fast-growing nature of the tourism sector of the Georgian economy was noted, along with the visa-free travel for citizens of Saudi Arabia and the growing number of visitors from the state.
The officials also discussed the ongoing hostilities in Ukraine and the resulting security challenges in the Eastern European region, with Gharibashvili reaffirming Georgia's solidarity with the Ukrainian people.
The EU Commission has increased the assistance package for the six Eastern Partnership countries from €40mn to €75mn in order to “deploy
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