Georgian and South Korean officials held the final round of talks for an economic partnership agreement in Tbilisi last week, resulting in agreement on “key areas” including trade in goods and services, intellectual property rights and customs. Photo: Ministry of Economy
Georgian and South Korean officials held the final round of talks for an economic partnership agreement in Tbilisi last week, resulting in agreement on “key areas” including trade in goods and services, intellectual property rights and customs, the Ministry of Economy said on Monday.
The final draft for the deal will be followed by the signing of the agreement, before it undergoes domestic procedures to come into effect, the body added.
Georgian Deputy Economy Minister Genadi Arveladze, who led negotiations from the country, emphasised the agreement encompassed a “diverse spectrum” of economic partnership between the two countries, which included the establishment of a free trade regime as well.
South Korea, with a population of more than 50 million, is a consumer market with high purchasing power, and establishing a free trade regime with it is a priority for Georgia”, Arveladze said.
South Korea has imposed high tariffs, exceeding 800 percent, to protect its domestic market. The Government of Georgia has made significant progress in tariff liberalisation. Tariff benefits will not only apply to products exported from Georgia, but also to those with potential in the current market”, he added.
The Deputy Minister noted the agreement also aimed to foster cooperation in investment, transport, energy, tourism, and other sectors.
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