Georgia, Moldova and Ukraine have signed association agreements with the European Union in a move that anticipates a free trade area between the countries and the bloc, the Global Trade Review reported.
The three countries now expected to be in a Deep and Comprehensive Free Trade Area (DCFTA) according to the European Bank for Reconstruction and Development (EBRD), which has been operating in the countries for approximately 25 years boosting small business. The agreement has been made on the bank’s recommendation.
The DCFTA will create opportunities for small and medium-sized enterprises in Ukraine, Georgia and Moldova to export to the EU, with stable and predictable preferential access to the largest market in the world. However, the new framework requires firms to make the necessary investments and to set up the right conditions to comply with higher technical standards involved.
Follow RCL Agencies for the latest news about global shipping and trade regulations.