Ukraine and Georgia signed a resolution on Tuesday calling for the further realization of the agreement on free trade between two countries ratified on January 9, 1995, The Messenger reported.
According to the press office of the Ukrainian Ministry of Economy, Sergey Teryokhin, acting Minister of Economy of Ukraine, and Ambassador of Georgia to Ukraine Grigol Katamadze signed the resolution on Tuesday "on the realization of provisions of the agreement on free trade" in order to avoid possible misinterpretations of the agreement.
In 2004 the Cabinet of Ministers of Ukraine decided to temporarily exempt sugar and sugar syrups from the free trade regime with Georgia and Russia in order to protect local producers of sugar.
The Ukrainian Ministry of Economy says that the clarification of the agreement has "important political meaning" and can contribute to the maximal liberalization of trade between two countries and free trade without limitations.
The government of Ukraine estimates that the enactment of the provisions of the agreement will make it possible to increase trade turnover by 160-170 percent and increase it to USD 250-260 million a year.
Over the first six months of 2005, Ukraine was Georgia's fourth largest trade partner, accounting for USD 10 million in exports from Georgia and 85 million in imports to Georgia.
A Georgian Businessmen's Forum in Ukraine initiated by National Investment and Export Promotion Agency at the Ministry of Economic Development of Georgia was held recently and reportedly resulted in new contracts being signed between Georgian and Ukrainian businesses.
The former head of National Investment and Export Promotion Agency Davit Natroshvili told the paper earlier the year Ukraine with its population of 50 million "can be seen as a new market for Georgia and new prospects can be seen in the field of tourism as well."
The presidents of both countries have repeatedly committed to intensify cooperation, including in economics and trade. One of the strategic goals in the declaration on development of strategic cooperation between Georgia and Ukraine signed in March is to promote the utilization of the transit potential of both countries, as well as the reliable supply of energy carriers from providers to consumers.
On Tuesday Ukrainian Minister of Fuel and Energy Ivan Plachkov said that his country is considering exporting electricity to Georgia. According to the Ministry of Energy of Ukraine, energy from Ukraine can reach Georgia through Russia or by an electric cable that can be laid on the floor of the Black Sea.
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