Bulgaria Free Trade Agreements

Bulgaria Free Trade Agreements: Boosting Economic Growth

Bulgaria, a country located in southeastern Europe, has been working hard to expand its international trade relations by establishing free trade agreements (FTAs) with different countries. These agreements aim to eliminate trade barriers and to promote economic growth by opening up markets for goods and services.

Bulgaria is a member of the European Union (EU), which means it benefits from the EU`s free trade agreements with different countries. However, the country has also signed FTAs with countries outside the EU, such as Turkey, Canada, and South Korea.

The FTA with Turkey, signed in 1992, was Bulgaria`s first FTA with a country outside the EU. The agreement has allowed Bulgarian exporters to have better access to the Turkish market, where they can sell their agricultural products, machinery, and other products duty-free. In return, Turkey has been able to export textiles, metals, and other products to Bulgaria without customs duties.

In 2017, Bulgaria signed a Comprehensive Economic and Trade Agreement (CETA) with Canada, which eliminated tariffs on 98% of traded goods between the two countries. This has increased bilateral trade and investment flows, benefiting both countries. Under the agreement, Canadian companies can invest in Bulgaria`s economy and can access its growing market, while Bulgarian companies can export more products to Canada.

Bulgaria has also signed an FTA with South Korea, which entered into force in 2019. The agreement has reduced tariffs on a wide range of goods, including agricultural products, and has opened up opportunities for businesses in both countries. South Korean companies can invest in Bulgaria`s growing economy, while Bulgarian companies can access South Korea`s high-tech industries, such as electronics and biotechnology.

Additionally, Bulgaria has been negotiating an FTA with the United States since 2004, aiming to increase trade and investment between the two countries. This agreement would remove trade barriers and would open up opportunities for businesses in both countries. It is expected that the agreement will boost Bulgaria`s economy, as it would provide access to the world`s largest market.

In conclusion, Bulgaria`s free trade agreements have been contributing to the country`s economic growth by opening up new markets for its products and services. These agreements have reduced trade barriers and have increased trade and investment flows between Bulgaria and its FTA partners. As Bulgaria continues to expand its international trade relations, it is expected that its economy will continue to grow and thrive.