Economy
Posted: 3 weeks ago

Georgia is Trying to Join the Single Euro Payment Area SEPA

According to the Parliament of Georgia, the country is trying to join the Single Euro Payment Area - SEPA. To this end, a working group meeting was held in Parliament today.

The European Central Bank introduced SEPA in bank transfers in 2008, and since 2016 it has been joined by non-EU countries. The Single Payment Area aims to facilitate financial transactions across Europe.

A working group was set up in the Parliament in March 2021 on Georgia's accession to SEPA. According to the working group, in case of joining the common payment space, bank transfers from Georgia to the Eurozone will be simplified.

"Georgia's accession to the Single Euro Payments Area (SEPA) will be one of the most important steps towards Georgia's integration into the EU,'' Said Maka Bochorishvili, chairwoman of the European Integration Committee.

"In order to determine the steps to be taken by Georgia to join SEPA and the concrete positive results, the members of the working group discussed the criteria and legal preconditions for joining the Single Euro Payments Area (SEPA), including the status of the fulfillment of obligations under the Association Agreement between Georgia and the EU.

The meeting also discussed the preliminary feasibility study developed by industry experts within the working group on SEPA tools and standards, the country's criteria for membership in SEPA, as well as the potential impact of SEPA on those involved in the scheme.

"The working group has developed recommendations for steps to be taken for Georgia's accession to the Single Euro Payments Area (SEPA), which will be submitted to the Committee on European Integration on April 29, 2022, for consideration and approval," the statement said.