European Integration and Challenges to the Economy of Georgia
Journal Title: Globalization and Business - Year 2017, Vol 4, Issue 4
Abstract
The worldwide processes of economic globalization and integration are irreversible. This, on the one hand, provides significant opportunities for small countries and contains some threats on the other hand. There are the following integration groups in Europe: the European Union, European Free Trade Association and CIS (Eurasian Union). Despite the current hard challenges it is facing, the European Union is the most developed integration group, as well as one of the largest markets in the world. It should be noted that in recent years Georgia has achieved significant progress on the path of economic inte-gration with the EU; in particular, we mean the Association Agreement signed between the European Union and Geor-gia, Deep and Comprehensive Free Trade Area is the part of this Agreement. The Association Agreement between EU and Georgia has fully entered into force. The Agreement suggests Georgia to adjust trade-related legislation and regulations to the EU standards. As indicated in the paper, although Georgia is not a member of the CIS, the country has quite close trade relations with the CIS member states, which have been characterized by increasing trend recently. Of course, we are not against trade relations between countries; however, future risks and challenges should be studied and analyzed. CIS member states accounted for almost 35% of Georgia’s export, while the average corresponding indicator for CIS member states was 16-17%. For example, CIS accounts for 23% of Armenia’s export, 7% of Azerbaijan’s export, 21% of Moldova’s export, 17% the Ukraine’s export, etc. The processes globalization and European integration are irreversible and Georgia has to use the current processes for the development of its economy. The country has chosen the appropriate foreign political and economic priorities and therefore it should continue its way towards the EU towards establishing closer ties with the EU. It would be desirable for Georgia to use the experience of leading European countries, as well as new EU member countries while implementing economic reforms.
Authors and Affiliations
RAMAZ PUTKARADZE
Keywords
Related Articles
- EP ID EP563527
- DOI -
- Views 83
- Downloads 0
SUSTAINABLE DEVELOPMENT ASSESSMENT IN LATVIA: THE EXAMPLE OF LATGALE REGION
Nowadays, much interest is devoted to the use of innovative (or wise) methods in assessing regional development. Rural areas have particular importance in ensuring sustainable development of any state; moreover, smart ap...
Gender Issues and Characteristics of Israel Army
This article covers the characteristics of Israel Army and Gender issues related to it.Israel is the only country, that has obligatory army service for both, men and women. After fin-ishing school, from the age of 18, it...
THE IMPORTANCE OF FINANCIAL RATIOS IN FINANCIAL ANALYSIS OF BUSINESS ENTITIES BESIK
The paper refers to the specificities of usage of analytical financial tools in real sector of economy in Georgia, also inevitability of taking into consideration of analytical nuances by financial practitioners. In the...
PRECONDITIONS AND PROBLEMS OF TRANSITION TO ELECTRONIC MONEY
The article is dedicated to the actual problems of creation, intervention and introduction of electronic money cryptocurrency and blockchain technology at the modern stage. Rather narrow description is given to essence,...
DUAL LEADERSHIP: CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
The role of administrators on successful operations of businesses management is very high. Ability of management’s, attitudes and behaviors, and perspective on financial events are closely related to the success of the b...