Georgia, India inch closer to free trade agreement
Georgian and Indian officials signed off on the conclusion of feasibility study on 11 January. Photo: Ministry of Economy.
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Georgia and India are one step closer to launching free trade talks: a joint feasibility study on a free trade agreement has been completed, and confirms that such a deal would have a positive impact on the economic welfare of both countries.
The study recommends Georgia and India to start negotiations on a free trade agreement and establish a special committee for this purpose.
What are Georgia’s promising export products to India?
Ores, metallurgical products, medical products, wine and other alcoholic and non-alcoholic beverages and processed agricultural products are some of the goods that may have potential on the Indian market, the study reveals.
What will India export to Georgia?
Exports to Georgia from India in cement, ores, mineral fuels, plastic products and electrical equipment may increase.
Beneficial trade relations should be pursued in telecommunication, tourism, audio-visual and the service sector, says the study.
Attractive fields for investments
India might invest in pharmaceutical, metallurgical, information technologies, tourism, education, health, energy and the environmental sectors.
On the other hand, Georgian investors might be interested in investing in India’s tourism, education and wine sectors.
The joint feasibility study group was established in 2017 and the purpose was to provide an opportunity for more in-depth and systematic examination of potential free trade agreement.
So far Georgia has free trade deals with Turkey, the European Union (EU), the European Free Trade Association (EFTA) countries - Switzerland, Norway, Iceland and Liechtenstein; with China and the Commonwealth of Independent States (CIS) countries - Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Turkmenistan, Tajikistan and Uzbekistan.
Georgia also signed a free trade deal with Hong Kong in 2018 and launched talks with the United States.
Georgia and the United States (US) will work actively on launching a free trade agreement in 2019, says Georgian Economy Minister Giorgi Kobulia.
Hong Kong and Georgia have signed a free trade agreement (FTA) today which will provide legal certainty and boost market access and investment flow between the two countries. Georgian Deputy Economic Minister Genadi Arveladze and the Secretary for Commerce and Economic Development of Hong Kong, Edward Yau signed the free trade agreement in Hong Kong today.
Free Trade Agreement between Georgia and China has come into play on January 1, 2018, making Georgia the first country in the region to have such a deal with China.
Georgia is taking action to establish a free trade agreement with India to access its markets and facilitate increased bilateral business and trade. A delegation led by Georgia’s Minister of Economy Giorgi Gakharia is now in Delhi, India, to discuss free trade opportunities with local authorities.
The free trade deal signed between Georgia and Hong Kong took effect yesterday.
Georgian Prime Minister Giorgi Gakharia and Ambassador of India Kishan Dan Dewal have discussed the establishment of an Indian Embassy in Georgia and the opportunities of concluding a free trade agreement between the two countries at the meeting held this morning, announces the government of Georgia.
Georgian foreign minister Ilia Darchiashvili on Monday discussed prospects for bilateral cooperation with his Indian counterpart Meenakshi Lekhi in a Tbilisi meeting, the foreign ministry said.
Georgian Prime Minister Irakli Kobakhidze and Nilakshi Saha Sinha, the Indian Ambassador to the country, on Thursday discussed the existing relations and the future prospects of cooperation.