(MENAFN- Trend News Agency)
A joint feasibility study on a free trade agreement between
Georgia and South Korea has confirmed that the deal would have a
positive impact on the economic welfare of both countries, trend reports with reference
to agenda .
The conclusion comes after Georgian deputy economy minister
Genadi Arveladze and Gi Wook Young, director general on free trade
agreements of Korea's ministry of trade, industry and energy,
signed the declaration on the completion of the study earlier today
The parties agreed to implement“relevant internal state
procedures as soon as possible' to start negotiations on the actual
agreement, with the first round of talks planned for 2023.
Georgia's economy ministry said the agreement would open the
Korean market of 50 million consumers 'with high purchasing power'
to Georgian exporting companies.
In addition, the free trade agreement between Georgia and the
Republic of Korea will be a catalyst for strengthening trade and
economic relations between the two countries. The agreement will
not only facilitate the expansion of trade and investment, but also
provide a comprehensive institutional framework for a wide range of
bilateral cooperation', the state body added.
Arveladze also held negotiations on an agreement on promotion
and protection of investment between the countries.
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