WORLD TRADE WT/MIN(96)/ST/97
11December 1996
ORGANIZATION(96-5280)
Original: English MINISTERIAL CONFERENCE
Singapore, 9-13December 1996
GEORGIA
Statement byH.E. Mr.Konstantine Zaldastanishvili
Minister ofTrade andForeign Economic Relations
(Speaking asanObserver)
Firstofallallow meonbehalf oftheGeorgian delegation toexpress sincere gratitude tothe
Government ofSingapore andtheWorld Trade Organization forthewarm welcome andtheexcellent
organization ofthefirstMinisterial Conference.
Today wearewitnessing thehistorical processes ofglobal economic integration, when all
industrial, developing andtransition economies arebrought together within thesame agreed and
enforceable international rules anddisciplines constructing auniversal trading system.
Understanding thevitalimportance ofbecoming apartofthissystem, Georgia doesnotspare
effort inorder tocreate aninstitutional andlegislative framework corresponding tointernational
standards, toliberalize trade andtoestablish anopen economy welcoming foreign investors and
supporting private enterprises.
Despiteallthepolitical,economicandsocialproblems,includingcivilwar,Georgiahasmanaged
tofollow theroadofstabilization, democratization andreforms, andtoday there arefirstsigns that
theprocess ofeconomic recovery hasstarted. Inflation hasdeclined fromover60percentpermonth
in1994toanaverage ofabout 3percentpermonth in1995andlessthan2percentpermonth in1996.
Economic growth by2.3percentwasregistered in1995andaccording topreliminary estimates will
reach 14percentin1996. Thenational monetary unit,theLariisstable. Allthesemodest achievements
became possible thanks totheeconomic andstructural reforms carried outbytheGeorgian Government
andsubstantially supported byinternational financing andeconomic institutions andseveral friendly
powers suchastheUnited States, Germany, other European Union member countries, etc.
However, oureconomy stillfaces difficult times asittriestorepair thedamage ofthepast
fiveyears andfaces directly theconsequences oftheshocks thathavehitGeorgia. Much remains to
bedone toovercome theenergy crisis, todevelop ourinfrastructure, transportation system, roads,
communications, agriculture, industry, andlastbutfarfrom being theleast, istheissue ofpoverty.
Therefore, theprospects forcontinued recovery andgrowth inthefuture stilldepend critically onthe
abilityoftheGovernmenttoconsolidateanddeepeneconomicreformswithsupportfromtheinternational
community.
Thegeopolitical andgeoeconomic situation ofGeorgia represents astrategic space fortheworld
trade, anditissupposed thatinthenearfuture thecountry willbecome alinking trade andtransit
centre ininternational economic relations inthedirections West-East andNorth-South.
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Inthisconnection, thesoonest accession totheWTO willplaythedecisive partforthefurther
recovery oftheGeorgian economy anditsintegration intotheworld tradesystem. Thiswillsubstantially
encourage thefurther consolidation ofthereforming processes inthecountry.
Iwould liketoconclude byexpressing ourdeepgratitude totheGovernment ofSingapore
foritsexcellent hospitality andtotheWTO fororganizing thisConference which willundoubtedly
playanimportant roleforthefurther evolution ofthemultilateral trading system.