Economy Minister says products of Georgian origin can enter 2.3bln consumer int’l market under free trade deals
Economy Minister said currently, 87% of Georgia's exports go to countries under free trade deals. Photo: Ministry of Economy
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Georgian Economy Minister Levan Davitashvili on Wednesday highlighted the dynamics of Georgia's growing trade and economic relations with various countries and said products of Georgian origin could enter markets with 2.3 billion consumers under the free trade deals the Government had signed with different states.
Currently, 87 percent of Georgia's exports go to countries under free trade deals - products of Georgian origin can enter one third of the world consumer market through free trade, which represents a consumer market of 2.3 billion”, he said.
Davitashvili noted negotiations to establish a free trade with new countries continued, with 97.5 percent of Georgian products expected to enter the United Arab Emirates market with zero taxation.
The text of the comprehensive economic partnership agreement between Georgia and the United Arab Emirates has been completed, after the implementation of which Georgia's free trade will additionally open up for a consumer market of nine million people with high purchasing power”, he noted, adding the agreement was scheduled to be signed on October 10.
The Minister also said memoranda had been signed with South Korea and Israel on conclusion of studies of feasibility of signing free trade deals. He added negotiations with the countries would start next year.
Georgian Economy Minister Levan Davitashvili on Wednesday said the Government was able “not only to maintain economic stability but also to ensure double-digit growth” for two years in a row “despite challenges”.
Georgian Prime Minister Irakli Garibashvili on Tuesday said the free trade agreement between Georgia and China had played a “crucial” role in ensuring “greater trade between our countries”.
Genadi Arveladze, the Deputy Economy Minister of Georgia, on Wednesday told the Parliament's European Integration Committee that 60 percent of the country’s commitments made under the 2014 Deep and Comprehensive Free Trade Area deal with the European Union in terms of alignment of the domestic legislation with the bloc’s framework had been fulfilled.
Lasha Zhvania, the Georgian Ambassador to Israel on Thursday said the relations between Georgia and Israel were developing “dynamically” and noted cooperation “has been constantly growing” in all directions, including trade and economic relations.