Georgia-China free trade deal among China’s top 10 economic events
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A historic Georgia - China Free Trade Deal has been ranked 8th among China’s top ten main economic events of 2016.
Today Georgia’s Ministry of Foreign Affairs announced that the Ministry of Commerce of the People’s Republic of China has released the top 10 most important economic events of 2016.
The 27th China - US Commerce Joint Commission on Commerce and Trade was listed in 1st place. Other events that made the top ten economic events of the year included the 120th China Import - Export Fair and the opening of several free - trade zones in the country.
Talks of a free trade deal between Georgia and China began in September 2015, and negotiations were finalised within "a record - breaking time of seven months”. A Memorandum of Understanding on finalising a free trade deal was signed on October 5, 2016.
It is expected the agreement will be signed and ratified by both parties within two or three months, after which the deal is to come into effect in the middle of 2017.
When it does, Georgia will be the first country in the region to have such an agreement with China.
Georgian wine, mineral waters and agricultural products are among the goods that will be exported to China and its market of 1.4 billion consumers, with zero tariffs, without additional customs fees and without any transition period.
In recent years Georgia has forged strong ties with China through bilateral trade and economic cooperation. Georgian wine was one of the most promising exported products to China.
In 2016 Georgia exported 5,299,149 bottles of wine to China – a 98 percent increase year-on-year, announced the Georgian National Wine Agency.
Georgia, China start Free Trade from 2017
Today is a big day for Georgia and China. The countries have signed a Memorandum on finalising a Free Trade Deal that will come into play next year.
“Historic deal” brings significant benefits, says PM
Georgia has successfully completed free trade talks with one of its closest trading partners, China, and soon the new Free Trade Deal will facilitate increased business and trade turnover between both nations.
Georgia and China are one step closer to establishing a free trade regime, which will facilitate increased business and trade turnover between both nations.
Georgia and China are starting the third round of negotiations to establish a free trade regime and facilitate increased business and trade turnover between both nations.
Georgia seeks to establish a free trade regime with India in order to access to its markets and increase bilateral business and trade. Today during the Government meeting the Prime Minister of Georgia Giorgi Kvirikashvili raised this issue and the potential benefits of a Georgia-India free trade deal.
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.
Georgian wine, mineral waters and agricultural products will soon be exported to China and its market of 1.4 billion consumers, with zero tariffs, without additional customs fees and without any transition period.
Georgian Finance Minister and First Vice Prime Minister Dimitry Kumsishvili says that Georgia has always been and will remain an integral part of the Silk Route.
This agreement was reached as Georgian Vice Prime Minister, Finance Minister Dimitry Kumsishvili met with Chinese Vice Premier Wang Yang in the city of Hefei in China.