A joint feasibility study on a free trade agreement between Georgia and South Korea has confirmed that the deal would have a positive impact on the economic welfare of both countries, the ministry of economy announced on Wednesday.
The conclusion comes after Georgian deputy economy minister Genadi Arveladze and Gi Wook Young, director general on free trade agreements of Korea’s ministry of trade, industry and energy, signed the declaration on the completion of the study earlier today in Seoul.
The parties agreed to implement “relevant internal state procedures as soon as possible" to start negotiations on the actual agreement, with the first round of talks planned for 2023.
Georgia’s economy ministry said the agreement would open the Korean market of 50 million consumers "with high purchasing power" to Georgian exporting companies.
In addition, the free trade agreement between Georgia and the Republic of Korea will be a catalyst for strengthening trade and economic relations between the two countries. The agreement will not only facilitate the expansion of trade and investment, but also provide a comprehensive institutional framework for a wide range of bilateral cooperation", the state body added.
Arveladze also held negotiations on an agreement on promotion and protection of investment between the countries.