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Daily Tax Quote

China, Georgia Sign Free Trade Deal

by Mary Swire, Tax-News.com, Hong Kong Tuesday, May 16, 2017

China and Georgia have signed a free trade agreement (FTA), which will remove most tariffs on trade between the two countries.

The FTA was signed on May 14 and is the first FTA signed between China and a Eurasian state. It is anticipated that it will come into effect early next year.

Under the terms of the deal, Georgia will eliminate tariffs on 96.5 percent of tariff lines, and within five years China will remove tariffs on 93.9 percent of tariff lines on products from Georgia.

In 2014, trade volume between the two countries reached USD960m and Chinese direct non-financial investment in Georgia totaled US530m. China became the third-largest trade partner and the largest investor in Georgia.

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