China, Georgia Successfully Complete FTA Negotiations,
by Mary Swire, Tax-News.com, Hong Kong
Friday, October 7, 2016
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.