India, Georgia signed Joint Statement on Free Trade Agreement
The joint statement facilitates the establishment of a Joint Feasability Study Group to discuss the possibility of bilateral Free Trade Agreement.
India and Georgia on 11 April 2017 signed a Joint Statement on the launching of the Joint Feasibility Study on the bilateral Free Trade Agreement.
The agreement was signed after a meeting between the Minister of Economy and Sustainable Development of Georgia GiorgiGakharia and the Union Minister of Commerce and Industry Nirmala Sitharaman in New Delhi.
On this occasion, both the ministers expressed the hope that the Joint Feasibility Study Group shall issue a report with the relevant analysis and recommendations within a period of six months.
Details related to the Joint Statement on Joint Feasibility Study on FTA
• The joint statement was signed to further promote economic, trade and investment relations between the two countries.
• It was signed with the objective to create a favourable condition for more comprehensive bilateral economic cooperation.
• The purpose of establishing the Joint Feasibility Study Group is to provide an opportunity for more in-depth and systematic examination of potential FTA.
• The Joint Feasibility Study Group shall discuss the possible scope of a potential FTA and analyse the sensitiveness of specific sectors, while recommending possible ways to address them.
• Upon the completion of the Joint Feasibility Study, India and Georgia may proceed with negotiations on a Free Trade Agreement (FTA).
• Joint Secretary, Foreign Trade (CIS), Department of Commerce, Government of India and GenadiArveladze, Deputy Minister of Economy and Sustainable Development of Georgia would be the leaders, respectively, of Indian and Georgian side.
India-Georgia Trade Relations
• India is having positive trade balance with Georgia.
• In 2015-2016, the total export from India to Georgia was USD 82.57 million and import from Georgia was USD24.47 million.
• During the period between April 2016 and February 2017, India’s export to Georgia stood at about USD 83 million as compared to USD 73 million between April 2015 and February 2016.