Regional Organization for Democracy and Economic Development (GUAM)

Course summary Regional Organization for Democracy and Economic Development (GUAM):

GUAM (Azerbaijan, Georgia, Moldova and Ukraine) Free Trade Area Economy Foreign Trade Business Council

GUAM (Organization for Democracy and Economic Development) is a regional organization of four states: the Republic of Azerbaijan, Georgia, the Republic of Moldova and Ukraine. Observer’s countries: Turkey and Latvia.

The GUAM Business Council facilitates implementation of agreements concluded within the framework of GUAM, agreements on development of cooperation among business circles and business entities of GUAM Participating States.

Free Trade Area between the GUAM Participating States
(entry into force 10 December 2003)

Members countries shall cooperate in establishing free trade area to ensure:
- Elimination of customs duties, as well as taxes and dues having equivalent effect, and of quantitative limitations in mutual trade;
- Removal of other obstacles to free movement of goods and services;
- Establishment and development of effective system of mutual settlement of accounts and payments in trade and other operations;
- Cooperation in conducting trade and economic policy to achieve the goals of this Agreement in the fields of industry, agriculture, transport, finance, investments, social sphere, as well as in development of fair competition etc.;
- Harmonization of the legislation of the Contracting Parties to the extent necessary for proper and effective functioning of free trade.

Example of the course Regional Organization for Democracy and Economic Development (GUAM):

Topic: Globalization and regionalization