India and Georgia signed a Joint Statement on the launching of the Joint Feasibility Study on the bilateral Free Trade Agreement.
• Country : Georgia • Capital: Tbilisi • Currency: Georgian lari • Official language: Georgian • President : Giorgi Margvelashvili • Prime Minister : Giorgi Kvirikashvili
The agreement was signed after a meeting between the Minister of Economy and Sustainable Development of Georgia Giorgi Gakharia and the Union Minister of Commerce and Industry Nirmala Sitharaman in New Delhi.
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.
Key Points
• 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).
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.
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