Along with the elimination of tariffs, the CGE model incorporates the deep integration elements, assumed to be part of the potential FTAs, observing additional effects of: i) reduction in time in trade (border compliance) costs; ii) reduction in non- tariff barriers on goods; iii) reduction in barriers on FDI and cross-border business services. [...] The estimated annual recurring welfare gain is a 0.82 percent increase in Georgia’s real household income, with the USA FTA being the most beneficial. [...] The reduction of non-tariff barriers on goods as well as the reduction of barriers against FDIs in Georgia are identified as significant contributors to welfare gains. [...] In terms of the impact on real GDP, the three FTAs jointly result in a 0.25 percent annual recurring gain. [...] In addition, the model evaluates the impact of potential FTAs on trade, production factor earnings, and tax revenues.
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