In 2010, Georgia’s total international trade turnover was USD 6.7 Billion, an increase of 199% since 2005. This success can be contributed to Georgia’s more active role in the global economy and its steady growth in FDI since 2004.
To protect investors and to enhance Georgia’s role as an investment destination, it has established bilateral treaties on investment promotion and protection with 32 countries and has concluded double taxation treaties with 31 countries across the globe.
Georgia’s Customs Code is on par with European standards and has streamlined its Customs procedures to simplify the import and export process. Highlights of the Customs tariffs are:
- Low import tariffs (90% of goods are free from import tariff)
- Few export/import licenses and permits
- No quantitative restrictions on import and export
- No customs tariff on export and re-export
- No VAT on export
- Simplified export and import procedures
Competitive Trade Regimes – Highlights
- Free Trade Regime – with CIS countries and Turkey (since November 1, 2008)
- Most Favored Nation Regime (MFN) – with World Trade Organization (WTO) member countries
- Preferential Regime (GSP) – with USA, Canada, Japan, Switzerland, Norway
- Preferential Regime (GSP+) – with EU (7200 products duty free)
- Possibility of FTA with EU in nearest future