Georgia : Winds of Optimism

The signing of the Association Agreement with the European Union in June 2014 and the coming into effect of the Deep and Comprehensive Free Trade Area in September are landmark achievements for Georgia. The Association Agreement (AA) is focused on improvements in the areas of democracy and the ru...

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Main Author:	World Bank Group
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCESS TO FINANCE ACCOUNTING ACCREDITATION AGGREGATE DEMAND AGRICULTURAL SECTOR AGRICULTURE ARREARS BALANCE OF PAYMENTS BENEFICIARIES BENEFICIARY BILATERAL INSTITUTIONS BONDS BUDGET DEFICIT BUSINESS CONFIDENCE BUSINESS ENVIRONMENT CAPACITY BUILDING CAPITAL FORMATION CAPITAL GOODS CAPITAL MARKETS COMMERCIAL BANKS COMMODITIES COMMODITY COMPETITIVENESS CONFIDENTIALITY CONSUMER CONFIDENCE CONSUMPTION EXPENDITURE CONSUMPTION SMOOTHING CPI CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CUSTOMS UNION DEBT DEBT REPAYMENTS DEBT SOURCE DEFICIT FINANCING DEFICITS DEMOCRACY DEPOSIT DEVELOPMENT STRATEGY DIVIDENDS DOMESTIC DEBT EARNINGS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH EDUCATION SYSTEM ENROLLMENT EQUIPMENT EXCHANGE RATE EXISTING BARRIERS EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTS EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL FINANCING EXTREME POVERTY FAMILIES FARMERS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL SECTOR FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FOOD PRICES FOREIGN COMPANIES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTORS FOREIGN TRADE FREE TRADE FREE TRADE AGREEMENT GDP GDP PER CAPITA GENERALIZED SYSTEM OF PREFERENCES GINI COEFFICIENT GOOD GOVERNANCE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCE HUMAN RIGHTS INCOME TAX INCOME TAX EXEMPTION INEQUALITY INFLATION INFLATION TARGET INFLATION TARGETING INFRASTRUCTURE PROJECTS INSURANCE INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATE CHANGES INTEREST RATES INTEREST RATES ON LOANS INTERMEDIATE GOODS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL RESERVES INVENTORY INVESTMENT MANAGEMENT JOB CREATION JOB OPPORTUNITIES LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LIFE EXPECTANCY LIVING CONDITIONS LIVING STANDARDS LOAN LOAN CATEGORIES LOCAL BUSINESSES LOCAL GOVERNMENTS MACROECONOMIC STABILITY MACROECONOMICS MARKET ACCESS MATURITY METALS MINES MONETARY FUND MONETARY POLICY MONEY LAUNDERING MONEY TRANSFERS MORTGAGES NATIONAL BANK NATIONAL SAVING NON-PERFORMING LOANS NPL OIL OLD-AGE PENSION OLD-AGE PENSIONS OUTPUT PENSION PENSION SYSTEM PENSIONS POLITICAL UNCERTAINTY POPULATION GROWTH PRICE LEVELS PRICE STABILITY PRIVATE CONSUMPTION PRIVATE INVESTMENT PRODUCERS PROFITABILITY PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC SECTOR DEBT PUBLIC SPENDING QUALITY STANDARDS QUOTAS REAL EXCHANGE RATE REAL EXCHANGE RATES REFORM PROGRAM REMITTANCES REPAYMENT REPLACEMENT RATE REPO RESERVES RESOURCE MANAGEMENT RETIREMENT SAVINGS RULE OF LAW SAFETY NETS SAVINGS SELF-EMPLOYMENT SMALL BUSINESSES SOCIAL PROTECTION SOCIAL SAFETY NETS SOVEREIGN RATING SUSTAINABILITY ANALYSIS SUSTAINABILITY IMPACT T-BILLS TAX TAX CODE TAX COLLECTIONS TAX OBLIGATIONS TAX POLICY TAX REVENUES TERRORISM TRADE BALANCE TRADE DEFICIT TRADE FACILITATION TRADING TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE UNEMPLOYMENT RATES UNION URBAN AREAS VALUE ADDED VOUCHERS WAGES WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/2014/09/20320847/georgia-winds-optimism http://hdl.handle.net/10986/20671

id	okr-10986-20671
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCESS TO FINANCE ACCOUNTING ACCREDITATION AGGREGATE DEMAND AGRICULTURAL SECTOR AGRICULTURE ARREARS BALANCE OF PAYMENTS BENEFICIARIES BENEFICIARY BILATERAL INSTITUTIONS BONDS BUDGET DEFICIT BUSINESS CONFIDENCE BUSINESS ENVIRONMENT CAPACITY BUILDING CAPITAL FORMATION CAPITAL GOODS CAPITAL MARKETS COMMERCIAL BANKS COMMODITIES COMMODITY COMPETITIVENESS CONFIDENTIALITY CONSUMER CONFIDENCE CONSUMPTION EXPENDITURE CONSUMPTION SMOOTHING CPI CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CUSTOMS UNION DEBT DEBT REPAYMENTS DEBT SOURCE DEFICIT FINANCING DEFICITS DEMOCRACY DEPOSIT DEVELOPMENT STRATEGY DIVIDENDS DOMESTIC DEBT EARNINGS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH EDUCATION SYSTEM ENROLLMENT EQUIPMENT EXCHANGE RATE EXISTING BARRIERS EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTS EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL FINANCING EXTREME POVERTY FAMILIES FARMERS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL SECTOR FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FOOD PRICES FOREIGN COMPANIES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTORS FOREIGN TRADE FREE TRADE FREE TRADE AGREEMENT GDP GDP PER CAPITA GENERALIZED SYSTEM OF PREFERENCES GINI COEFFICIENT GOOD GOVERNANCE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCE HUMAN RIGHTS INCOME TAX INCOME TAX EXEMPTION INEQUALITY INFLATION INFLATION TARGET INFLATION TARGETING INFRASTRUCTURE PROJECTS INSURANCE INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATE CHANGES INTEREST RATES INTEREST RATES ON LOANS INTERMEDIATE GOODS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL RESERVES INVENTORY INVESTMENT MANAGEMENT JOB CREATION JOB OPPORTUNITIES LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LIFE EXPECTANCY LIVING CONDITIONS LIVING STANDARDS LOAN LOAN CATEGORIES LOCAL BUSINESSES LOCAL GOVERNMENTS MACROECONOMIC STABILITY MACROECONOMICS MARKET ACCESS MATURITY METALS MINES MONETARY FUND MONETARY POLICY MONEY LAUNDERING MONEY TRANSFERS MORTGAGES NATIONAL BANK NATIONAL SAVING NON-PERFORMING LOANS NPL OIL OLD-AGE PENSION OLD-AGE PENSIONS OUTPUT PENSION PENSION SYSTEM PENSIONS POLITICAL UNCERTAINTY POPULATION GROWTH PRICE LEVELS PRICE STABILITY PRIVATE CONSUMPTION PRIVATE INVESTMENT PRODUCERS PROFITABILITY PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC SECTOR DEBT PUBLIC SPENDING QUALITY STANDARDS QUOTAS REAL EXCHANGE RATE REAL EXCHANGE RATES REFORM PROGRAM REMITTANCES REPAYMENT REPLACEMENT RATE REPO RESERVES RESOURCE MANAGEMENT RETIREMENT SAVINGS RULE OF LAW SAFETY NETS SAVINGS SELF-EMPLOYMENT SMALL BUSINESSES SOCIAL PROTECTION SOCIAL SAFETY NETS SOVEREIGN RATING SUSTAINABILITY ANALYSIS SUSTAINABILITY IMPACT T-BILLS TAX TAX CODE TAX COLLECTIONS TAX OBLIGATIONS TAX POLICY TAX REVENUES TERRORISM TRADE BALANCE TRADE DEFICIT TRADE FACILITATION TRADING TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE UNEMPLOYMENT RATES UNION URBAN AREAS VALUE ADDED VOUCHERS WAGES WORLD TRADE WORLD TRADE ORGANIZATION WTO
spellingShingle	ACCESS TO FINANCE ACCOUNTING ACCREDITATION AGGREGATE DEMAND AGRICULTURAL SECTOR AGRICULTURE ARREARS BALANCE OF PAYMENTS BENEFICIARIES BENEFICIARY BILATERAL INSTITUTIONS BONDS BUDGET DEFICIT BUSINESS CONFIDENCE BUSINESS ENVIRONMENT CAPACITY BUILDING CAPITAL FORMATION CAPITAL GOODS CAPITAL MARKETS COMMERCIAL BANKS COMMODITIES COMMODITY COMPETITIVENESS CONFIDENTIALITY CONSUMER CONFIDENCE CONSUMPTION EXPENDITURE CONSUMPTION SMOOTHING CPI CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CUSTOMS UNION DEBT DEBT REPAYMENTS DEBT SOURCE DEFICIT FINANCING DEFICITS DEMOCRACY DEPOSIT DEVELOPMENT STRATEGY DIVIDENDS DOMESTIC DEBT EARNINGS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH EDUCATION SYSTEM ENROLLMENT EQUIPMENT EXCHANGE RATE EXISTING BARRIERS EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTS EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL FINANCING EXTREME POVERTY FAMILIES FARMERS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL SECTOR FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FOOD PRICES FOREIGN COMPANIES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTORS FOREIGN TRADE FREE TRADE FREE TRADE AGREEMENT GDP GDP PER CAPITA GENERALIZED SYSTEM OF PREFERENCES GINI COEFFICIENT GOOD GOVERNANCE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCE HUMAN RIGHTS INCOME TAX INCOME TAX EXEMPTION INEQUALITY INFLATION INFLATION TARGET INFLATION TARGETING INFRASTRUCTURE PROJECTS INSURANCE INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATE CHANGES INTEREST RATES INTEREST RATES ON LOANS INTERMEDIATE GOODS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL RESERVES INVENTORY INVESTMENT MANAGEMENT JOB CREATION JOB OPPORTUNITIES LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LIFE EXPECTANCY LIVING CONDITIONS LIVING STANDARDS LOAN LOAN CATEGORIES LOCAL BUSINESSES LOCAL GOVERNMENTS MACROECONOMIC STABILITY MACROECONOMICS MARKET ACCESS MATURITY METALS MINES MONETARY FUND MONETARY POLICY MONEY LAUNDERING MONEY TRANSFERS MORTGAGES NATIONAL BANK NATIONAL SAVING NON-PERFORMING LOANS NPL OIL OLD-AGE PENSION OLD-AGE PENSIONS OUTPUT PENSION PENSION SYSTEM PENSIONS POLITICAL UNCERTAINTY POPULATION GROWTH PRICE LEVELS PRICE STABILITY PRIVATE CONSUMPTION PRIVATE INVESTMENT PRODUCERS PROFITABILITY PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC SECTOR DEBT PUBLIC SPENDING QUALITY STANDARDS QUOTAS REAL EXCHANGE RATE REAL EXCHANGE RATES REFORM PROGRAM REMITTANCES REPAYMENT REPLACEMENT RATE REPO RESERVES RESOURCE MANAGEMENT RETIREMENT SAVINGS RULE OF LAW SAFETY NETS SAVINGS SELF-EMPLOYMENT SMALL BUSINESSES SOCIAL PROTECTION SOCIAL SAFETY NETS SOVEREIGN RATING SUSTAINABILITY ANALYSIS SUSTAINABILITY IMPACT T-BILLS TAX TAX CODE TAX COLLECTIONS TAX OBLIGATIONS TAX POLICY TAX REVENUES TERRORISM TRADE BALANCE TRADE DEFICIT TRADE FACILITATION TRADING TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE UNEMPLOYMENT RATES UNION URBAN AREAS VALUE ADDED VOUCHERS WAGES WORLD TRADE WORLD TRADE ORGANIZATION WTO World Bank Group Georgia : Winds of Optimism
geographic_facet	Europe and Central Asia Georgia
relation	Georgia economic report;no. 6
description	The signing of the Association Agreement with the European Union in June 2014 and the coming into effect of the Deep and Comprehensive Free Trade Area in September are landmark achievements for Georgia. The Association Agreement (AA) is focused on improvements in the areas of democracy and the rule of law, human rights, good governance, and economic development. The Deep and Comprehensive Free Trade Area (DCFTA) is likely to enhance Georgia's trade prospects and boost economic growth by enhancing the country’s export potential, especially to developed markets. This will be facilitated through improvements in quality standards and by bringing Georgia’s legislation closer to that of the European Union (EU). The DCFTA will also remove the existing barriers on the trade of goods and services with the EU. While Georgia can now export duty-free to the EU, Georgian products will have to meet certain EU requirements not only when exported but also when being consumed within the country. This marks the beginning of a long process to improve sanitary and phyto-sanitary standards, intellectual property rights protection, competition, technical regulations on industrial products, and customs and trade facilitation and this process will involve short- to medium-term costs.
format	Economic & Sector Work :: Economic Updates and Modeling
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Georgia : Winds of Optimism
title_short	Georgia : Winds of Optimism
title_full	Georgia : Winds of Optimism
title_fullStr	Georgia : Winds of Optimism
title_full_unstemmed	Georgia : Winds of Optimism
title_sort	georgia : winds of optimism
publisher	Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2014/09/20320847/georgia-winds-optimism http://hdl.handle.net/10986/20671
_version_	1764445844258422784
spelling	okr-10986-206712021-04-23T14:03:56Z Georgia : Winds of Optimism World Bank Group ACCESS TO FINANCE ACCOUNTING ACCREDITATION AGGREGATE DEMAND AGRICULTURAL SECTOR AGRICULTURE ARREARS BALANCE OF PAYMENTS BENEFICIARIES BENEFICIARY BILATERAL INSTITUTIONS BONDS BUDGET DEFICIT BUSINESS CONFIDENCE BUSINESS ENVIRONMENT CAPACITY BUILDING CAPITAL FORMATION CAPITAL GOODS CAPITAL MARKETS COMMERCIAL BANKS COMMODITIES COMMODITY COMPETITIVENESS CONFIDENTIALITY CONSUMER CONFIDENCE CONSUMPTION EXPENDITURE CONSUMPTION SMOOTHING CPI CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CUSTOMS UNION DEBT DEBT REPAYMENTS DEBT SOURCE DEFICIT FINANCING DEFICITS DEMOCRACY DEPOSIT DEVELOPMENT STRATEGY DIVIDENDS DOMESTIC DEBT EARNINGS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH EDUCATION SYSTEM ENROLLMENT EQUIPMENT EXCHANGE RATE EXISTING BARRIERS EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTS EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL FINANCING EXTREME POVERTY FAMILIES FARMERS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL SECTOR FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FOOD PRICES FOREIGN COMPANIES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTORS FOREIGN TRADE FREE TRADE FREE TRADE AGREEMENT GDP GDP PER CAPITA GENERALIZED SYSTEM OF PREFERENCES GINI COEFFICIENT GOOD GOVERNANCE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS FIXED CAPITAL FORMATION GROWTH RATE HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCE HUMAN RIGHTS INCOME TAX INCOME TAX EXEMPTION INEQUALITY INFLATION INFLATION TARGET INFLATION TARGETING INFRASTRUCTURE PROJECTS INSURANCE INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATE CHANGES INTEREST RATES INTEREST RATES ON LOANS INTERMEDIATE GOODS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL RESERVES INVENTORY INVESTMENT MANAGEMENT JOB CREATION JOB OPPORTUNITIES LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LIFE EXPECTANCY LIVING CONDITIONS LIVING STANDARDS LOAN LOAN CATEGORIES LOCAL BUSINESSES LOCAL GOVERNMENTS MACROECONOMIC STABILITY MACROECONOMICS MARKET ACCESS MATURITY METALS MINES MONETARY FUND MONETARY POLICY MONEY LAUNDERING MONEY TRANSFERS MORTGAGES NATIONAL BANK NATIONAL SAVING NON-PERFORMING LOANS NPL OIL OLD-AGE PENSION OLD-AGE PENSIONS OUTPUT PENSION PENSION SYSTEM PENSIONS POLITICAL UNCERTAINTY POPULATION GROWTH PRICE LEVELS PRICE STABILITY PRIVATE CONSUMPTION PRIVATE INVESTMENT PRODUCERS PROFITABILITY PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC SECTOR DEBT PUBLIC SPENDING QUALITY STANDARDS QUOTAS REAL EXCHANGE RATE REAL EXCHANGE RATES REFORM PROGRAM REMITTANCES REPAYMENT REPLACEMENT RATE REPO RESERVES RESOURCE MANAGEMENT RETIREMENT SAVINGS RULE OF LAW SAFETY NETS SAVINGS SELF-EMPLOYMENT SMALL BUSINESSES SOCIAL PROTECTION SOCIAL SAFETY NETS SOVEREIGN RATING SUSTAINABILITY ANALYSIS SUSTAINABILITY IMPACT T-BILLS TAX TAX CODE TAX COLLECTIONS TAX OBLIGATIONS TAX POLICY TAX REVENUES TERRORISM TRADE BALANCE TRADE DEFICIT TRADE FACILITATION TRADING TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT INSURANCE UNEMPLOYMENT RATE UNEMPLOYMENT RATES UNION URBAN AREAS VALUE ADDED VOUCHERS WAGES WORLD TRADE WORLD TRADE ORGANIZATION WTO The signing of the Association Agreement with the European Union in June 2014 and the coming into effect of the Deep and Comprehensive Free Trade Area in September are landmark achievements for Georgia. The Association Agreement (AA) is focused on improvements in the areas of democracy and the rule of law, human rights, good governance, and economic development. The Deep and Comprehensive Free Trade Area (DCFTA) is likely to enhance Georgia's trade prospects and boost economic growth by enhancing the country’s export potential, especially to developed markets. This will be facilitated through improvements in quality standards and by bringing Georgia’s legislation closer to that of the European Union (EU). The DCFTA will also remove the existing barriers on the trade of goods and services with the EU. While Georgia can now export duty-free to the EU, Georgian products will have to meet certain EU requirements not only when exported but also when being consumed within the country. This marks the beginning of a long process to improve sanitary and phyto-sanitary standards, intellectual property rights protection, competition, technical regulations on industrial products, and customs and trade facilitation and this process will involve short- to medium-term costs. 2014-12-08T18:07:04Z 2014-12-08T18:07:04Z 2014-09 http://documents.worldbank.org/curated/en/2014/09/20320847/georgia-winds-optimism http://hdl.handle.net/10986/20671 English en_US Georgia economic report;no. 6 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Economic Updates and Modeling Europe and Central Asia Georgia

Georgia : Winds of Optimism

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