Economy
Posted: 2 weeks ago

Free Trade Agreement with South Korea to Open 52-million Market for Georgian Products

Last week Georgia started preparing feasibility studies to determine the expedience of signing a free trade agreement with South Korea.

The Parties have already arranged Georgia-South Korea workgroups and prepared action plans. The feasibility studies will be finished in July 2021, Deputy Economy Minister Genadi Arveladze said.

“South Korea taxes imports of 85% of products with very high rates. Therefore, the free trade agreement with this country has crucial importance for developing bilateral trade.

Thanks to the free trade agreement and import tariffs liberalization, Georgian products will get a new market with 52 million consumers in addition. Furthermore, South Korea imports products that are manufactured in Georgia and are one of the leading export items in our country. From the agribusiness sector, I would name hazelnuts, dried fruits, tea, dry spices, fruit jams, tinned fruits and vegetables and juices, mineral waters, wines, beer and so on.

As for industrial products, we can export ferroalloys, glass products and containers, electricity cables and so on.

The free trade agreement will deepen bilateral economic relations between Georgia and South Korea and promote cooperation in transport, sports infrastructure, tourism, investments, and other fields, Genadi Arveladze said.