NEWS

Georgia’s PM highlights a pivotal role of the Free Trade Agreement between Georgia and China in fostering greater trade between the countries

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As Georgian Prime Minister Irakli Garibashvili said at the Official Reception marking the 74th Anniversary of the People’s Republic of China, Georgia has been historically positioned as a natural bridge between Europe and Asia and an integral part of the ancient Silk Road. He also mentioned that Georgia’s strategic location enables it to contribute to the revival of the Silk Road under the Belt and Road Initiative (BRI) through the Middle Corridor.
According to Irakli Garibashvili, Georgia can boast of its distinct history, unique traditions and progressive aspirations, but it also acknowledges a strong bond with China.
He said that he was pleased to highlight the countries’ well-established and fruitful cooperation, evident across various fields of mutual interest – from infrastructure and trade to education and tourism.
The Prime Minister said that the Free Trade Agreement (FTA) between Georgia and China, which came into force in January 2018, has played a pivotal role in fostering greater trade between our nations. China is consistently among Georgia’s top 3 trading partners.
According to the PM, Georgia-China cooperation at the governmental level is booming, with various ministries, agencies, and regions actively engaged in collaborative efforts. He said that this multifaceted cooperation undoubtedly demonstrates the countries’ dedication to achieving common goals.
He also stated that active cooperation with China in the fields of culture and education is welcomed. The growing enthusiasm among the Georgian people for the Chinese language and culture, establishing a basis for fostering meaningful people-to-people exchanges, is extremely delightful to observe.
A decree introducing visa-free travel for Chinese citizens has been recently issued with this understanding. Georgia’s unwavering commitment to strengthening the amicable bonds with China is reflected by this decision. Greater cultural exchange and tourism flows between the two countries is expected to be facilitated by this initiative.
In conclusion the Prime Minister of Georgia expressed his confident that the bilateral strategic partnership will continue to flourish, bringing prosperity and mutual benefits to the both nations.

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German export outlook dims in September 2023: ifo

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INSIGHTS German export sentiment has worsened, with ifo export expectations falling to minus 11.3 points in September 2023 from minus 6.5 in August 2023. Leather goods manufacturing expects a rise in exports with a score of 11.2 points, while the textile and apparel sectors are facing steep declines, falling to minus 20.5 and minus 26.8 … Read more

UAE President and Dutch Prime Minister discuss bilateral relations and international developments

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President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Mark Rutte, Prime Minister of the Kingdom of the Netherlands, discussed the strength of bilateral relations and strategic cooperation between the two countries and opportunities to develop ties to serve mutual interests, in addition to various regional and international developments. This came during His Highness’ … Read more

Ukraine, Canada expand Free Trade Agreement

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Ukrainian President Volodymyr Zelensky and Canadian Prime Minister Justin Trudeau signed an updated Free Trade Agreement. The signing ceremony took place in Ottawa, an Ukrinform correspondent reports. The expanded agreement includes additional points regarding the liberalization of investments and trade, in particular the export of services. It also expands to cover the goods that have … Read more

Kazakhstan’s Non-Oil Trade Turnover Totals $46.7 Billion in January-July

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Kazakhstan’s trade turnover of non-oil goods increased by 21.7% to $46.7 billion in January-July, Vice Minister of Trade and Integration Kairat Torebayev said at a Sept. 25 briefing in the Central Communications Service, reported the ministry’s press office. Non-oil exports accounted for $14.2 billion, with copper and copper cathodes constituting 12.9% of the share, ferroalloys … Read more

“Free Trade Agreement between Georgia and China has played a pivotal role in fostering greater trade between our nations“- Georgia’s PM

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“Importantly, Georgia historically has been positioned as a natural bridge between Europe and Asia and an integral part of the ancient Silk Road. Today, our strategic location enables us to contribute to the revival of the Silk Road under the Belt and Road Initiative (BRI) through the Middle Corridor,” said Georgian Prime Minister Irakli Garibashvili … Read more

Serbia starts talks on free trade with United Arab Emirates

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A strategic document that formally begins negotiations on free trade with the UAE was signed today in Dubai by the Serbian Minister of Internal and External Trade, Tomislav Momirović, and the Minister of External Trade of the United Arab Emirates (UAE), Thani bin Ahmed Al Zeyoudi.
According to Momirović’s post on his Instagram profile, the trade between the two countries and the convergence of the two economies will be expedited by this agreement. He stated that economic relations between Serbia and the UAE are combined with good political relations and are realized through trade cooperation, investment projects as well as strategic partnerships and pointed out that he tried to animate as many companies from the UAE as possible to relocate their operations to Serbia.
Momirović added that many companies from Serbia and the UAE are successfully operating in both markets as part of joint investment projects in agriculture, transport, mining and energy (Etihad Airways, Al Dahra, Eagle Hills Properties, DP World, Elixir Group).

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In January-August 2023 Georgia’s external merchandise trade reached $ 14 005.0 million

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The external merchandise trade (excluding non-declared trade) of Georgia reached USD 14 005.0 million in January-August 2023 (16.8 percent higher than in 2022). The exports grew up by 14.4 percent and reached USD 4 079.4 million. The imports increased by 17.8 percent and achieved USD 9 925.7 million. The share of the negative trade balance in external trade turnover constituted 41.7 percent and equaled to USD 5 846.3 million in January – August 2023.
The share of the top ten trading partners by exports in the total exports of Georgia attained 81.0 percent in the reported period. Azerbaijan (USD 567.8 million), Armenia (USD 552.3 million) and Russia (USD 461.4 million) were the top partners.
The share of the top ten trading partners by imports in the total imports of Georgia reached 70.8 percent in the reported period. Türkiye (USD 1 644.7 million), Russia (USD 1 225.5 million) and the USA (USD 1 190.1 million) were the top partners.
The share of the top ten trading partners in the total external trade turnover of Georgia stood at 68.7 percent in the reported period. Türkiye (USD 1 944.0 million), Russia (USD 1 686.9 million) and USA (USD 1 240.0 million) were the top trading partners.
The first place in the list of top export items In January-August 2023 was claimed by motor cars with USD 1 368.4 million (33.5 percent of total exports). Total exports of copper ores and concentrates reached USD 411.7 million (10.1 percent of the total exports). The third place was occupied by the exports of wine of fresh grapes (USD 169.3 million and 4.2 percent of the total exports).
Motor cars were the top import commodities in the reported period with USD 1 957.8 million (19.7 percent of the total imports). They were followed in the list by the petroleum and petroleum oils with USD 716.2 million (7.2 percent of imports). The third place in the top import commodity list was taken by the medicaments put up in measured doses with USD 354.3 million (3.6 percent of imports).

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