Georgia-China free trade deal among China’s top 10 economic events

The Study offered 43 specific recommendations to how to develop Georgia's capital market. Photo by N. Alavidze/, 05 Jan 2017 - 13:05, Tbilisi,Georgia

A historic Georgia - China Free Trade Deal has been ranked 8th among China’s top ten main economic events of 2016.

Today Georgia’s Ministry of Foreign Affairs announced that the Ministry of Commerce of the People’s Republic of China has released the top 10 most important economic events of 2016.

The 27th China - US Commerce Joint Commission on Commerce and Trade was listed in 1st place. Other events that made the top ten economic events of the year included the 120th China Import - Export Fair and the opening of several free - trade zones in the country.

Talks of a free trade deal between Georgia and China began in September 2015, and negotiations were finalised within "a record - breaking time of seven months”. A Memorandum of Understanding on finalising a free trade deal was signed on October 5, 2016.

It is expected the agreement will be signed and ratified by both parties within two or three months, after which the deal is to come into effect in the middle of 2017. 

When it does, Georgia will be the first country in the region to have such an agreement with China.

Georgian wine, mineral waters and agricultural products are among the goods that will be exported to China and its market of 1.4 billion consumers, with zero tariffs, without additional customs fees and without any transition period.

In recent years Georgia has forged strong ties with China through bilateral trade and economic cooperation. Georgian wine was one of the most promising exported products to China.

In 2016 Georgia exported 5,299,149 bottles of wine to China – a 98 percent increase year-on-year, announced the Georgian National Wine Agency.