On October 5, China's Ministry of Commerce (MOC) and Georgia's Ministry of Economy and Sustainable Development signed a memorandum of understanding to mark the successful conclusion of substantive negotiations on a bilateral free trade agreement (FTA).
A feasibility study on the FTA was completed in August 2015, and formal talks began last December. Only three intensive rounds of negotiations were required to complete the agreement.
It was said that the two countries have agreed zero tariffs for most of their traded products, pledged to open many markets in the service sector, and improved trade rules. The FTA, which covers 17 chapters, also includes intellectual property and e-commerce rules.
According to the MOC, the FTA is expected to boost bilateral economic and trade ties and promote the implementation of China's Belt and Road Initiative. The agreement will now be subject to ratification procedures.