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, 04 Oct 2023 - 18:53, Tbilisi,Georgia

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.