ARMENIA, GEORGIA SHOULD BE PRESENTED AS JOINT INVESTMENT, TRADE AREA

ARKA News Agency, Armenia
Oct 15 2007

YEREVAN, October 15. /ARKA/. Armenia and Georgia should be presented as
a joint investment and trade area, the Prime-Minister of Georgia Zurab
Nogaideli told journalists in Yerevan after the 6th sitting of the
Armenian-Georgian intergovernmental commission on economic cooperation.

He pointed out that Armenia and Georgia have practically completed the
stage of sorting out the problems, particularly in the economic field.

According to him, currently the sides gradually pass on to more
efficient use of the existing potential. "We have already started to
work on ensuring that Armenia and Georgia are introduced to investors
and to those who want working with us in a joint investment and trade
area. These are not mere words," Nogaideli said.

In his turn, the Prime-Minister of Armenia Serge Sargsian said
that the format of the joint work is satisfactory as the sides
succeeded in turning to the next level now. If earlier the stability
of the deliveries of Armenian cargoes via Georgia was discussed,
"currently deeper issues important for both of the peoples are under
consideration with the issue on formation of joint market being one
of them", Armenia’s Prime-Minister said.

"Armenia and Georgia separately are a small market each, but together
we can be of interest to major companies. There is also another
problem: the products produced in Georgia are not produced in Armenia
and vice versa. Thus we are not competitors and can supplement each
other in the shortcomings of mutual markets," Sargsian said.

The 6th sitting of the Armenian-Georgian intergovernmental commission
on economic cooperation was held Monday in Yerevan. As a result,
the following documents were signed: the protocol of the sitting and
two documents on cooperation in the customs fields, particularly in
exchange of customs statistical information and administrative mutual
assistance on customs issues.

Armenia’s foreign trade turnover with Georgia increased 41.5%
and totaled $81mln in January-August 2007. Exports from Armenia to
Georgia reached $55.6mln in the period – a 57% increase compared
with January-August 2006. Armenia’s imports of Georgian-make goods
totaled $25.4mln over the period – a 16.4% increase. The imports from
Georgia’s territory reached $74.4mln (1.7-time increase).