Georgia and China Set to Update Free Trade Agreement

Georgia and China are set to update their free trade agreement, which has been in effect since May 2017, as announced by Georgia’s Ministry of Economy.

Talks have already taken place between the two governments. On the Georgian side, the negotiations were led by Deputy Minister of Economy and Sustainable Development Genadi Arveladze, The Caspian Post reports citing foreign media.

The Chinese delegation was headed by Han Changtian, deputy director of the Department of WTO Affairs at China’s Ministry of Commerce.

According to officials, the modernization of the deal covers electronic commerce, technical barriers to trade, sanitary and phytosanitary measures, and investment promotion. The two sides reached agreement on most of the updated text.

Discussions also touched on opening the Chinese market to Georgian honey and poultry. The Georgian side expects positive developments on these exports in the near future.

Georgia’s Economy Ministry stressed that the original free trade agreement boosted economic ties between the two countries, leading to higher trade volumes, more investment, and growth in sectors such as tourism and civil aviation. China is now considered one of Georgia’s key economic partners, with Georgian producers gaining preferential access to Chinese markets under the deal.

The two countries plan to sign the amendment protocol in the first quarter of next year.