Free trade Agreement has been concluded between Georgia and Hong Kong

Free Trade Agreement has been concluded between Georgia and special administrative unit of the Republic of China, Hong Kong.

The above agreement is the first in the region, concluded by Hong Kong.

Free Trade Agreement concluded between Georgia and the Peoples Republic of China served as a basis for this agreement. Hong Kong participated in the negotiations with the status of observer.

The goal of the agreement is to define the conditions for free movement of goods between Georgia and Hong Kong, special administrative region of the People’s Republic of China and support the trade with services. The new generation agreement between the parties also covers topics like customs and trade support, intellectual property rights, technical obstacles for trade, sanitary and phytosanitary measures, etc.

“It is important that Hong Kong is implementing open economy policy and is one of the largest key transit and financial international centers. Its annual freight transit capacity makes 500 bln USD, while its consumed import is worth of 60 bln USD.

For Georgia, Hong Kong is an important importer and transit country for existing and potential export products, like cheese, non-alcohol and alcohol drinks, wine, canned fruit and vegetables, hazelnut, fruit, honey, ready-made textile, leather bags, metal products, etc.”, – stated Genadi Arveladze, Deputy Minister of Economy and Sustainable Development.

The beginning of the above agreement is planned before the end of the year. Accordingly, its beginning will facilitate an increase of trade turnover between the countries and will allow Georgian producers supply their goods and services without additional bureaucratic barriers to 7 million consumer market with high purchasing power.