The Committee summed up the activity of the Working Group on Accession of Georgia to SEPA and discussed the membership of Georgia in the Single Euro Payments Area.
“Accession of Georgia to the Single Euro Payments Area (SEPA) will serve as a significant step forward on the path of our integration in the European Economic Area. Providing the EU integration objectives of Georgia, our country shall instantly and effectively use the available opportunities for integration into the EU structures. Accession to SEPA will be beneficial in various directions: by accessing SEPA, Georgia will acquire higher trust at the international theatre of the bank sector; it will simplify the trade relations with the EEA; the Georgian citizens will enjoy the simplified services, which is of particular importance providing the increasing tendencies of money transfers from the EU countries”, - the Chair of the Committee, Maka Botchorishvili stated.
Accession to SEPA envisages the establishment of the European single payment standards, rules and practices in Georgia, which is believed to ensure the safe, competitive, flexible and reliable payment services in EURO for the Georgian citizens. Save 27 EU member states, the SEPA unifies the countries as follows: Iceland, Liechtenstein, Norway, Andorra, Monaco, San Marino, Switzerland, Great Britain and Vatican.
The EU Integration Committee, with the initiative of a Chair, Maka Botchorishvili made a decision on March 26, 2021, on the set-up of the Working Group on Accession of Georgia to SEPA.
The Working Group has held three working meetings with the participation of MPs, various agencies of the executive authority, as well as the representatives of the commercial banks, EU project experts and civil society. The Working Group has studied the expected outcomes of the accession of Georgia to SEPA for the nearest future, the degree to which the EU integration progress of Georgia meets the preconditions of SEPA membership, and the steps to be taken by the country for the membership of SEPA. The activity of the Working Group revealed the fact that Georgia, to a great extent meets the criterion for the accession to SEPA.
Based on the surveys, the Committee approved the recommendations envisaging the steps to be taken for the accession of Georgia to SEPA.
