Chinese Commerce Minster Gao Hucheng (2nd L, front) and Georgian Vice Prime Minister and Minister of Economy and Sustainable Development Dimitry Kumsishvili (2nd R, front) sign on the memorandum of understanding in Tbilisi, Georgia, Oct. 5, 2016. China and Georgia on Wednesday substantially concluded their Free Trade Agreement (FTA) negotiations, with a landmark memorandum of understanding signed in Tbilisi. (Xinhua/Giorgi Induashvili)
China and Georgia on Wednesday substantially concluded their Free Trade Agreement (FTA) negotiations, with a landmark memorandum of understanding signed in Tbilisi.
The memo was signed by visiting Chinese Commerce Minster Gao Hucheng, Georgian Vice Prime Minister and Minister of Economy and Sustainable Development Dimitry Kumsishvili.
The signing of the FTA deal will further consolidate and boost bilateral trade relations between China and Georgia and benefit the peoples of the two countries, Gao said after signing of the memo.
After the implementation of the FTA agreement, Chinese enterprises and consumers will have greater access to high quality products like wine and fruits from Georgia, while Georgians will benefit from cheaper China-made industrial products, Gao said.
"The substantial ending of the FTA talks will provide a better opportunity for the Georgian products ... to enter the vast Chinese market with competitive prices, which will greatly promote the export of our country and benefit the economic development of Georgia," Kumsishvili told a press conference after the signing ceremony.
Kumsishvili hailed the FTA deal between Georgia and China as "historic", saying China has become the fourth largest trading partner of Georgia, which will attach great importance to developing ties with China in the future.
The FTA agreement between Georgia and China will enter into effect upon ratification by the two countries.
China and Georgia launched their bilateral FTA talks in December 2015.
