Georgia, South Korea open economic partnership negotiations in Tbilisi

The first round of negotiations on economic partnership between Georgia and South Korea has opened in the Georgian capital city of Tbilisi, the Ministry of Economy said on Tuesday, Azernews reports, citing Agenda.

The body added the agreement covered trade, rules of origin, customs procedures, sanitary and phytosanitary measures, technical barriers to trade and areas of economic cooperation such as transport, energy and investment.

Deputy Economy Minister Genadi Arveladze said the opening negotiations was preceded by “many years of intensive work”. He added a feasibility study on a free trade agreement was also prepared and showed the signing of the agreement would be “mutually beneficial” for both countries.

The agreement will have a positive impact on both bilateral trade and will encourage Korean and international businesses to invest in Georgia”, said Arveladze, adding with more than 60 million customers with “high purchasing power”, the partner state was a “priority market” for Georgian exporters.

He added Korean investments in Georgia had exceeded $211 million between 1997 - 2022, and the figure would be “much higher” thanks to an economic partnership agreement.

Sunggil Chang, the head of the delegation from Korea, said the country was looking for a regional hub in the Caucasus region.

Signing a free trade agreement will be beneficial for both countries. [It] will encourage both tourists and businesses to visit Georgia”, he said.

Arveladze also said the Embassy of Korea to Georgia would be opened “in the nearest future” and “further encourage” the relations between the two countries, including in trade and economy.