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Free Trade Agreement Negotiations with China Finalized

Free Trade Agreement negotiations with China have been successfully finalized in a record-breaking 7 months, – relevant Memorandum between the Ministry of Economy and Sustainable Development of Georgia and the Ministry of Commerce of the People’s Republic China was signed at the Administration of the Government today.

The first Vice Prime Minister, Minister of Economy and Sustainable Development of Georgia Dimitry Kumshishvili and Minister of Commerce of the People’s Republic of China Gao Hucheng signed the respective agreement. Prime Minister of Georgia Giorgi Kvirikashvili attended the ceremony.

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Prior to signing the document, Prime Minister of Georgia and the Minister of Commerce of the People’s Republic of China Gao Hucheng conducted a meeting and discussed one of the most important topics on its agenda – further development of bilateral cooperation.

A major, historic moment in terms of elevating trade and economic relations between the countries to a completely different stage that will stimulate business and trade in both states, – with these words Giorgi Kvirikashvili assessed the forthcoming signing the Free Trade Agreement with China. The head of the Government thanked the Minister of Commerce of China for his contribution in the successful termination of the negotiation process.

According to the Prime Minister, China has already become Georgia’s major investor. He also indicated that our country is proud to be pioneering in the South Caucasus in terms of launching and finalizing free trade agreement negotiations with China in the record-breaking period of time.

According to the Parties, trade and economic as well as investment relations between Georgia and China are developing in full swing. The conversation also touched upon the growing trend of Georgian wine export. It was indicated that based on the 8-month data of 2016, 3.5 million bottles of wine have been exported to China – respective number represents a 15% growth as compared to the last year.

Agreement between Georgia and China concluded within the frames of New Silk Road project – “One Belt – One Road” was also discussed. Respective document envisages cooperation in strategic fields, including transportation, energy sector, transit and logistics.