Deputy Minister of Economy and Sustainable Development, Genadi Arveladze participated in the work of the Parliamentary Committee on Foreign Relations and introduced to the MPs the Free Trade Agreement between Georgia and Hong Kong, China as well as the report on the Implementation of the Free Trade Agreements signed by Georgia.
Deputy Minister of Foreign Affairs of Georgia, Alexander Khvtisiashvili also attended the meeting.
Members of the Foreign Relations Committee of the Parliament were provided with the information about the Free Trade Agreement between Georgia and Hong Kong, China and the benefits that Georgian exporters will receive. The Committee supported the terms of the Agreement with the majority of votes.
The Committee also received information on the effectiveness of the Free Trade Regimes that Georgia already has. According to the Deputy Minister of Economy and Sustainable Development, Genadi Arveladze, at this point, Georgian production has access to the 1/3 of the world’s consumer market via the Free Trade Regimes it already has.
“Recently, we stepped much forward in terms of diversification of the export markets and development of the special trade regimes. The first successful example is the establishment of the Free Trade Regime between Georgia and the EU since 2014, when for the first time Georgian companies received access to the market of 500 million consumers market, which is even larger than the CIS and Turkish markets,” – Genadi Arveladze noted.
Deputy Minister of Economy and Sustainable Development, Genadi Arveladze commented that the Free Trade Regime with the EU facilitate even more intense growth of the export market which was also facilitated by signing and enforcing of the Free Trade Agreements with the European Free Trade Association (EFTA) and the People’s Republic of China. The Free Trade Agreement with the special administrative region of China, Hong Kong was signed in June, 2018.
Deputy Minister noted that in the year of 2017, the export of goods produced in Georgia (excluding re-export) reached its historical maximum – 2063 million USD, while the 71% of this amount or 1468 million USD falls on the Free Trade Agreement partner-states. This is by 30% higher indicator compared to the same period of the previous year.
According to Genadi Arveladze, the Ministry continues work on reaching Free Trade Agreements with such countries as India, Japan, Israel and Gulf countries.
After introducing the report, the Deputy Minister of Economy and Sustainable Development of Georgia, Genadi Arveladze and other invited guests answered the questions of the Parliament Members.