Three countries have signed a free trade association with the European Union to boost the economy in the bloc, reported the Global Trade Review.
Georgia Moldova and Ukraine are now expected to be in a Deep and Comprehensive Free Trade Area (DCFTA) according to the European Bank for Reconstruction and Development (EBRD), which has been operating in the countries for approximately 25 years boosting small business, the agreement has been made on the bank’s recommendation.
Johannes Hahn, EU Commissioner for European Neighbourhood Policy and Enlargement, said: “The DCFTA creates unique opportunities for small and medium-sized enterprises in Ukraine, Georgia and Moldova to export to the EU, with stable and predictable preferential access to the largest market in the world.
“At the same time, the new framework requires firms to make the necessary investments and to set up the right conditions to comply with higher technical standards involved and to encourage new business relationships.”
The UK voted to leave the European Union on June 23, 2016, and since then many questions have been asked about the effect on global trade and shipping, of which there are conflicting theories.