(Yicai Global) May 14 -- China signed a free trade agreement with Georgia. The deal is the first FTA China negotiated in Eurasia.
The two countries will implement domestic procedures and aim to bring the FTA into force by the end of this year or early next year, state-run Xinhua news agency reported.
Under the pact, Georgia will immediately impose no tariffs on 96.5 percent of Chinese products, covering 99.6 percent of the country's total imports from China, while 93.9 percent of Georgian products, covering 93.8 percent of China's total imports from Georgia, will be free from tariffs within five years. Some 90.9 percent (covering 42.7 percent of the total imports) will be exempt from taxes right away, and taxes on the remaining 3 percent (covering 51.1 percent of the total imports) will be phased out during the five-year period.
Georgia agreed to open up areas such as finance, transportation and Chinese medicine services, while China pledged to further open its tourism and ocean shipping markets to Georgia.
The China-Georgian FTA negotiation started in December 2015 and ended substantively in October 2016.