MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Deputy Minister of Economy and Sustainable Development, Genadi Arveladze, met with Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), in Geneva, Switzerland. Arveladze presented the ratification instrument for Georgia’s accession to the WTO Agreement on Fisheries Subsidies.

The discussion also covered the main trends in Georgia’s trade policy and priority areas for cooperation with the WTO. The Deputy Minister provided the Director-General with updates on Georgia’s economic development, decisions made regarding trade policy, and ongoing reforms.

Arveladze emphasized Georgia’s consistent fulfillment of its WTO commitments and its active participation in initiatives aimed at strengthening the multilateral trading system. He stated that Georgia’s accession to the Agreement on Fisheries Subsidies clearly demonstrates its support for this system. “This step further confirms Georgia’s continuous involvement in international efforts for the sustainable and responsible use of marine resources,” – he noted. “We appreciate the collective efforts of WTO members in concluding this agreement and look forward to continued cooperation towards its effective implementation.”

Arveladze highlighted Georgia’s liberal foreign trade regimes, simplified customs procedures, low import tariffs, and minimal non-tariff regulations. He also underscored the country’s continued pursuit of preferential trade agreements both within and outside the region. “The free trade agreements Georgia has signed with various large markets provide Georgia’s private sector, especially small and medium-sized businesses, with enhanced opportunities to access high-quality markets with over 2,3 billion consumers,” – the Deputy Minister stated.

The WTO Director-General commended the Georgian government’s economic policies and the structural reforms undertaken. She noted that these initiatives have ensured the country’s resilience amidst current global challenges and contributed to its full integration into global value chains.

The Agreement on Fisheries Subsidies was adopted on June 17, 2022, at the 12th WTO Ministerial Conference. Its primary objective is to prohibit subsidies in the fishing sector that contribute to illegal, unreported, and unregulated (IUU) fishing.

At the close of the meeting, the Deputy Minister invited Dr. Ngozi Okonjo-Iweala to the Fifth Tbilisi Silk Road Forum in Georgia, scheduled for October 22-23.