China and Georgia sign Memorandum of Understanding on Ending Negotiations to Upgrade the China Georgia Free Trade Agreement

On November 4th, under the joint witness of Premier Li Qiang and Georgian Prime Minister Kobahidze, Minister of Commerce Wang Wentao and Georgian Minister of Economy and Sustainable Development Kvlivishvili signed the Memorandum of Understanding between the Ministry of Commerce of the People's Republic of China and the Ministry of Economy and Sustainable Development of Georgia on ending the upgrade negotiations of the China Georgia Free Trade Agreement in Shanghai.

The China Georgia Free Trade Agreement is the first free trade agreement launched and reached by China after the "the Belt and Road" initiative was put forward, and it is also the first free trade agreement between China and countries in Eurasia. The agreement officially came into effect in January 2018 and played an important role in promoting the development of economic and trade relations between the two countries. The two sides of China and Georgia will initiate negotiations on upgrading the agreement in July 2025. After two rounds of negotiations, the content of the agreement in the areas of sanitary and phytosanitary measures, technical trade barriers, investment, and e-commerce will be expanded and improved, officially ending the negotiations on upgrading the agreement.

The upgrading of the agreement will add new momentum to the development of bilateral economic and trade relations based on mutual trust and mutually beneficial cooperation, help expand two-way trade and investment, promote cooperation between enterprises of the two countries, and create a more transparent and convenient business environment. After the signing of the memorandum of understanding, both parties will respectively carry out their respective domestic procedures to promote the early completion and implementation of the upgraded agreement protocol.