18.Oct .2021 13:30

Georgia, EU, Turkey Formalise Diagonal Cumulation

Georgia, EU, Turkey Formalise Diagonal Cumulation
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So-called diagonal cumulation has formalised among Georgia, EU and Turkey, - according to the Georgian Economy Ministry.

Georgia-made products with Turkish raw inputs will be exported to the EU under the Free Trade Agreement as a diagonal cumulation.

According to believes the Georgian Economy Ministry, the agreement kick-off will “greatly increase” the range of export goods, mainly textiles, furniture, building materials, plastics, steel products, paper, cardboard, etc.

“Moreover, it will encourage investment from Turkey, facilitate the establishment of joint ventures and create new jobs. However, the agreement will not apply to agricultural products, as the EU-Turkey Customs Union agreement does not cover agricultural products, said the Ministry.

So-called diagonal cumulation allows members to use products originating in the others without the final good losing its originating status.