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ECONOMY | Staff Reporter, Hong Kong

Hong Kong inks free trade agreement with Georgia

Georgia will eliminate import tariffs on 96.6% of its tariff lines for Hong Kong products.

Secretary for commerce & economic development Edward Yau has signed a free trade agreement (FTA) with Georgia’s deputy minister of economy & sustainable development Genadi Arveladze in an effort to boost market access and investment flows between the two economies. 

The deal encompasses trade in goods and services, investment and dispute settlement mechanisms.

Georgia will also eliminate import tariffs on 96.6% of its tariff lines for Hong Kong products and will award Hong Kong investors with the same treatment treatment and safeguards that they bestow on local investors.

“It will provide a platform for both parties to take their bilateral economic and trade relations to a new level, whilst offering ample opportunities for Hong Kong businessmen to tap the Georgian market and the Caucasus covered under the Belt & Road Initiative,” said Yau. 

The pact also contains provisions to protect intellectual property rights, promote competition and enhance environmental protection.

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