Free Trade Agreement was signed between Georgia and Special Administrative Region of the People’s Republic of China, Hong Kong on June 28.
On behalf of the Government of Georgia, Deputy Minister of Economy and Sustainable Development of Georgia Genadi Arveladze and the Secretary of Commerce and Economic Development, Edward YAU TANG-WAH, signed the agreement.
The agreement was signed at the opening of the Belt and Road Summit, which stressed the fact that the agreement was the first in the region that Hong Kong signed. Summit was attended by more than 3,000 visitors from different countries around the world, including representatives from government and business sectors.
The agreement was based on a free trade agreement between Georgia and the People’s Republic of China, in which Hong Kong was represented as an observer.
The purpose of the Agreement is to determine the terms of free distribution of goods between the Special Administrative Region of the People’s Republic of China and Hong Kong and promote trade in services. The new agreement between the parties also covers topics such as promotion of customs and trade, intellectual property rights, technical barriers to trade, sanitary and phytosanitary measures, etc.
“It is important that Hong Kong conducts open economic policy and represents one of the largest key transnational financial centers in the world. Its annual transit capacity is 500 billion US dollars, and consumed about 60 billion dollars import.
Hong Kong is an important importing and transit country for Georgia as well as potential export products such as cheese, non-alcoholic beverages, spirits, wine, fruit-vegetable cannons, hazelnut, fruit, honey, textile bags, leather linen bags, metal products And others “, – said the economy and sustainable development Deputy Minister of Foreign Affairs Genadi Arveladze.
The entry into force of the agreement is planned till the end of the current year. Consequently, its implementation will promote trade turnover between the parties and give Georgian entrepreneurs a chance to supply their products and services with additional bureaucratic barriers to the consumer market at a maximum of 7 million USD.