A free trade deal signed between Georgia and Hong Kong this June will be sent to the Parliament of Georgia for ratification, the Prime Minister of Georgia Mamuka Bakhtadze announced.
“The most important priority of our economic strategy is to better integrate Georgia into the global economy. I want to remind you that we are the only country in the region who has free trade regimes with the European Union, China and neighboring countries simultaneously”, said Bakhtadze.
By signing the free trade deal with Hong Kong Georgia will eliminate import tariffs on 96.6% of its tariff lines for Hong Kong products and will give Hong Kong investors special treatment and other safeguards that are the same as those enjoyed by its local investors.
“Hong-Kong is the most important economic center of Southeastern Asia and accordingly the deal creates the unique opportunities to our entrepreneurs to have access to the market of 8 million consumers”, said Bakhtadze.
The free trade deal signed with Georgia is the first free trade agreement between Hong Kong and a country in the South Caucasus.
So far Georgia has free trade deals with the EU, China, Hong-Kong, the European Free Trade Association (EFTA), Turkey and the Commonwealth of Independent States (CIS) countries – Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Turkmenistan, Tajikistan and Uzbekistan.
Negotiations on the establishment of free trade regimes are underway with India, Israel and the United States. (Agenda/Business World Magazine)