India and Georgia chose to start chats on a free-trade agreement (FTA).Both the countries are investigating the alternative to negotiate a comprehensive free trade agreement to advance two-sided monetary ties. In the past, India has already officially executed such agreements with a few nations including Singapore, South Korea and Japan.
Nirmala Sitharaman, commerce and industry minister and Giorgi Gakharia, minister of Economy and Sustainable Development of Georgia signed a joint statement to begin a feasibility study on FTA. Both the nations have chosen to set up a gathering to direct a joint feasibility study on the free trade agreement (FTA). The joint feasibility study group comprises of the authorities of the two nations. Upon the completion of a joint feasibility study, the two countries may continue to consult on the FTA.
The Commerce Ministry, Nirmala Sitharaman said that upon the culmination of the review, both the countries "may proceed to negotiations on an FTA once the internal procedures are completed and the mandates on negotiations are approved. The purpose of establishing the group is to provide an opportunity for more in-depth and systematic examination of potential FTA”.
While India has a positive exchange adjust with Georgia, exchange stays low. Amid the April-February time of 2016-17, fares to Georgia remained at $83 million while imports from the country were $28 million.
Georgia has also free trade agreements with Turkey, European Union (EU), European Free Trade Association (EFTA) countries and soon Georgia has planned a free trade agreement with China and Hong-Kong.
Georgia's Economy Minister also met with Indian Minister of State for Culture and Tourism where the authorities examined the likelihood of opening an Indian consulate in Georgia, propelling non-stop flights between the two nations and developing social ties.
The joint statement was signed to additionally advance financial, exchange and investment relations between the two nations and to make a great condition for more comprehensive bilateral economic cooperation.
April 17, 2017