Turkey and Georgia Aim for $5 Billion Bilateral Trade Volume

Strategic Insights -

Turkey and Georgia have set an ambitious target of reaching a $5 billion bilateral trade volume, with the current volume exceeding $3.5 billion. The trade ministers of both countries, Omer Bolat and Mariam Kvrivishvili, recently emphasized the importance of their economic relationship and highlighted the progress made in recent years. Georgia's implementation of economic reforms has been particularly notable, with Turkey expressing support for Georgia's territorial integrity and sovereignty.

Key Takeaways:

  • Turkey and Georgia aim to achieve a $5 billion bilateral trade volume, with the current volume exceeding $3.5 billion.
  • The two countries have implemented a Free Trade Agreement (FTA) since 2008, resulting in mutual trade exceeding $3.5 billion annually.
  • Turkish businesspeople have undertaken 304 projects worth $5.6 billion in Georgia so far.
  • Georgia is a strategic transit country on the Trans-Caspian route, serving as a bridge between Europe and Central Asia, with Turkey.
  • The Baku-Tbilisi-Kars (BTK) Railway Data Exchange Agreement, signed in 2022, affects the performance of the Middle Corridor, with Turkey-Georgia coordination being crucial for its sustainability.
  • The Middle Corridor is a key transportation route connecting Europe and Asia, with Turkey and Georgia playing critical roles in its development.
  • Georgia's economy has grown by an average of 9.7% annually from 2021-2024, attracting foreign investments.
  • The two countries have strong trade and economic relations, with Turkey supporting Georgia's economic development and territorial integrity.

Statistics:

  • $5 billion: Target bilateral trade volume between Turkey and Georgia.
  • $3.5 billion: Current bilateral trade volume between Turkey and Georgia.
  • $5.6 billion: Value of 304 projects undertaken by Turkish businesspeople in Georgia.
  • 209%: Average annual growth rate of Georgia's economy from 2021-2024.
  • 2008: Year the Free Trade Agreement between Turkey and Georgia was put into effect.
  • 2022: Year the Baku-Tbilisi-Kars (BTK) Railway Data Exchange Agreement was signed.

Sources:

  • Turkish trade minister's statement (no specific date mentioned)
  • Omer Bolat's speech at the Turkey-Georgia Business Forum (no specific date mentioned)
  • Mariam Kvirivishvili's speech at the Turkey-Georgia Business Forum (no specific date mentioned)
  • Foreign Economic Relations Board (DEIK) and the Georgian Chamber of Commerce and Industry (no specific date mentioned)