Georgia, China settle on free trade agreement

/By AzerNews/

By Mushvig Mehdiyev

Georgia and China have embarked on a process to establish a free trade agreement between the two countries.

Georgia’s Economy Minister, Giorgi Kvirikashvili and China’s Commerce Minister, Gao Hucheng have agreed to launch a feasibility study in view of entering into a bilateral free trade agreement.

The two ministers signed a joint statement in Beijing on March 9, according to which working groups will be set up in upcoming months to explore economic benefits from a possible free trade agreement.

"The statement itself already represents an important positive signal, which will foster further expansion of economic activities between Georgia and China,” Georgia's Economy Ministry said.

Kvirikiashvili and Hucheng have also inked an agreement on cooperation within the framework of the New Silk Road – Economic Belt project, which was announced by Chinese President Xi Jinping in November 2014.

The project features China's multi-billion investment towards the Silk Road Fund, which will develop Central Asia's transport infrastructure. The idea is to revive the old Silk Road trading route.

In a meeting with General Manager of Silk Road Fund, Wang Yanzhi, Kvirikashvili praised the agreement on cooperation under the New Silk Road project as a historic moment for Georgia.

"It gives a new momentum to bilateral economic relations between our countries and opens absolutely new potential for cooperation with China’s huge and rapidly growing economy. Georgia is gaining an important partner - new infrastructure, new transit routes, new export potential and new jobs are ahead for Georgia," Kvirikashvili said.

Kvirikashvili has called on Chinese companies to get involved in the construction of the Anaklia deep-see port project. He said China expressed its full readiness to make this port project a success and to make this port an important part of the New Silk Road.

Two Chinese companies are among seven firms and consortia, which have been outlined by the Georgian authorities for Anaklia port project.