Deputy Minister of Economy and Sustainable Development of Georgia, Genadi Arveladze was on the official visit to Hefei, the capital and largest city of Anhui Province, China. Deputy Minister participated in the meeting of the First Vice Prime Minister of Georgia, Dimitry Kumsishvili and the Vice Prime Minister of the People’s Republic of China, Wang Yang.
Genadi Arveladze confirmed that the both of the parties consider the signing of the Free Trade Agreement to facilitate the further development of the trade and economic relations between Georgia and China. Both of the countries will support the increase of the trade between the two countries with the aim to reach the trade turnover of one billion USD.
“Free Trade Agreement with China will facilitate the increase of the Chinese investments to Georgia as well as the export of Georgian products and services to China, which is very important in terms of diversification of the Georgian export. We also agreed to support the increase of the increase of the trade turnover up to one billion USD. The Free Trade Agreement has the significant role in this process” – Genadi Arveladze stated.
The Free Trade Agreement between Georgia and China was signed in Beijing on 13 May 2017. It should be noted that Georgia is the first country in the region to have signed the Free Trade Agreement with China. Negotiations on the Agreement were accomplished in only 7 months. The Agreement will enter into force upon completion of ratification procedures. Parties agreed to facilitate the ratification procedure in order to have it accomplished by the end of the year.
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