Georgia and China signed a Free Trade Agreement on May 13. As the Ministry of Foreign Affairs of Georgia reports, the document was signed by the Minister of Economy and Sustainable Development of Georgia and Chinese Commerce Ministers.
“The agreement is very important incentive for new investment projects in Georgia, development of entrepreneurship and growth in terms of export of Georgian products that have a positive impact on the country’s economic development and the level of unemployment reduction,” – noted in the information released by the Ministry of Foreign Affairs.
According to their information, the free trade agreement for Georgia will open the world’s largest market, which is comprised of about 1.4 billion customers. The ministry says that about 94 percent of products imported from China will be freed from customs duty.
It should be noted that Georgia’s free trade agreements have already been signed with the EU, Turkey, the CIS countries, and the European Free Trade Association (EFTA).
According to the Ministry of Economy, after the Free Trade Agreement between Georgia and China enters into force, economic relations will be deepened and a new stage of cooperation will be based on mutual beneficial principles.