Georgia, Hong Kong Sign Free Trade Agreement
By Tea Mariamidze
Friday, June 29
Georgia and Hong Kong signed a Free Trade Agreement on June 28 which means that after the agreement enters into force later this year, its implementation will promote trade turnover between the sides and give Georgian entrepreneurs a chance to supply their products and services to high-end consumer market without additional bureaucratic barriers.
Deputy Minister of Economy and Sustainable Development of Georgia Genadi Arveladze (from the Georgian side) and Secretary for Commerce and Economic Development Edward YAU TANG-WAH (from Hong Kong) signed the document.
The signing ceremony was held in the Belt and Road Summit in Hong Kong on Thursday. Around 3000 visitors from different countries around the world, including representatives from government and business sectors attended the summit.
The signing ceremony of the free trade agreement between Georgia and Hong Kong was one of the most important messages of the Summit and the result that will significantly contribute to intensifying inter-regional trade.
The agreement is based on a free trade agreement between Georgia and the People's Republic of China, in which Hong Kong was represented as an observer.
Georgia’s Ministry of Economy and Sustainable Development reports that the Agreement aims to determine the terms of free movement of goods and promotion of trade between Georgia and Hong Kong, Special Administrative Region of the People's Republic of China.
According to the ministry, agreement between the sides also covers topics such as promotion of customs and trade, intellectual property rights, technical barriers to trade, sanitary and phytosanitary measures.
Genadi Arveladze noted that Hong Kong is a key international transit partner of Georgia and a financial center.
“Hong Kong's annual transit capacity is $500 billion, and it consumes up to $60 billion worth export,” he added.
According to him, Hong Kong is an important importing and transit country for Georgia for products such as cheese, non-alcoholic beverages, spirits, wine, canned fruit and vegetables, hazelnut, fruit, honey, textile bags and metal products.