This agreement was signed between two parties at Eastern Partnership Summit. This contract would play a major role in increasing Georgia export, import and trade to Europe by at least three to four times. This would also mean that national economy would be benefited to a significant extent with influx of millions of Euros by way of trade.
It is expected that native entrepreneurs would be benefited as a result of this surge in Georgia export, import and trade. There are a few goods exported by Georgia that are not levied with any import charges.
In fiscals 2007 and 2008 amount of goods and services exported to European Union by Georgia has increased at a significant rate. However, types of goods that are exported have stayed same. This indicates that business establishments in Georgia have not been able to make use of any extra preferences of European Union in case of trade.
Nuts are major export item as far as Georgia. Nuts exported by them are equivalent to seven percent of world market for nuts. As many as 16 members of European Union import nuts from Georgia.