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China, Georgia Conclude Negotiations on Free Trade Deal

© AP Photo / Andy WongA Chinese national flag flutters in the wind in between a high-rise residential and office complex in Beijing, China. (File)
A Chinese national flag flutters in the wind in between a high-rise residential and office complex in Beijing, China. (File) - Sputnik International
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China and Georgia signed a memorandum of understanding, marking the end of the talks on the Free Trade Agreement (FTA), media reported Wednesday.

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MOSCOW (Sputnik) — The memorandum was signed at the meeting of Chinese Commerce Minister Gao Hucheng and Georgian Economy and Sustainable Development Minister Dimitry Kumsishvili in Tbilisi, according to the Xinhua news agency.

"The substantial ending of the FTA [free trade agreement] talks will provide a better opportunity for the Georgian products… to enter the vast Chinese market with competitive prices, which will greatly promote the export of our country and benefit the economic development of Georgia," Kumsishvili said, as quoted by the media outlet.

The next step toward liberalizing trade between China and Georgia is the free trade agreement (FTA), which will enter into effect after signing and ratification by both countries.

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