TRADE TURNOVER IN GUAM TO TOTAL $10BLN
The trade turnover among GUAM member states will be increased up to $10bln in upcoming three years, Valeriy Chechelashvili, the secretary general of the Organization stated in Baku in a conference on Development Strategy of GUAM on 29 May.
According to Chechelashvili, the trade turnover among Georgia, Ukraine, Azerbaijan and Moldova will go up to $4bln by the end of the year. “Under the conditions of globalization of the good and service markets, the economic cooperation will be more important, and GUAM member states have decided to create a competition free economic zone,” GUAM secretary general said.
“The political will and authority of the organization enables to implement big projects in the Caspian and Black Sea regions,” Chechelashvili said.
The Coordinating Council for Bank Affairs of GUAM member states is expected to be set up in the near future. At present, work is carried out to build Poti-Kerch railway ferry crossing.
Four post-Soviet republics; Georgia, Ukraine, Azerbaijan and Moldova, established the GUAM format in 1997, in a summit of presidents of European Union countries in Strasburg. In 1999, Uzbekistan joined the organization but left four years later. In 2006, at the first summit of the organization in Kiev a decision was made to announce GUAM as an international organization with a new name; Organization for Democracy and Economic Development – GUAM.
Azerbaijan, Baku, 29 May / corr. TrendNews M. Aliyev
