China and Georgia inked a free trade agreement on Saturday to expand bilateral trade.
The two countries agreed to expand cooperation in trade in goods and services, as well as trade remedy measures and other fields, according to the agreement. The agreement will take effect at the end of 2017 or early 2018.
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Once the agreement takes effect, Georgia will immediately impose no tariffs on 96.5 percent of products from China immediately, while 90.9 percent of China's imports from Georgia will be free from tariffs, and another three percent will be exempted from tariffs within five years.
Georgia agreed to further open up its service trade covering finance, transport and other sectors, while China will further open its tourism and ocean shipping markets to Georgia.
The two countries initiated FTA negotiations in December 2015, and ended talks substantively in October 2016. It is the first FTA that China has accomplished in Eurasia.
(Source: Xinhua)
