Georgia-China Free Trade Deal among Top 10 China Events
The Georgia-China Free Trade Agreement has been placed on a list of China’s major economic milestones for 2016.
The list was determined by the Ministry of Commerce of the People's Republic of China in December. The free trade agreement with Georgia holds 8th position in it.
The China-United States Commerce and Trade United Commission was ranked 1st on the list, which followed the results of a popular survey. That survey is held every year by China's Ministry of Commerce.
Georgia's Ministry of Foreign Affairs says that Georgia will be the first country in the region to have a free trade agreement with China. Talks were launched in 2015. On October 5, 2016, China's Minister of Commerce, Gao Hucheng, and Georgia’s then-Minister of Economy, Dimitry Kumsishvili, signed a memorandum to finalize deal.
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.
Before the deal goes into effect it must be ratified. This is expected to happen in the middle of 2017. After that point, the world’s largest market will be open for Georgian products.
By Thea Morrison
Photo: Georgia’s Ministry of Foreign Affairs