China (Georgia) Created Fair

Georgia immediately implemented zero tariffs on 96.5% of China’s products, covering 99.6% of China’s total imports; 90.9% of its products (42.7% of total imports) immediately implemented zero tariffs.

1. In 2018, the total import and export volume was 12.484 billion US dollars, an increase of 17.0%. Imports were US$ 9.122 billion, a year-on-year increase of 14.9%.
2. In 2017, the total GDP of Georgia was US$15.16 billion, a year-on-year increase of 5%.
3. As of 2019, the population of Georgia is 3,907,100. Among them, women accounted for more than 52%.
4. Since September 1, 2014, the agreement on the establishment of an in-depth and comprehensive Free Trade Area (DCFTA) between Georgia and the European Union has entered into force. Products produced in Georgia can enter the EU market without customs duties.

The Free Trade Agreement between the Government of the People’s Republic of China and the Government of Georgia entered into force on January 1, 2018. After the entry into force of the agreement, in terms of trade in goods, the company immediately implemented zero tariffs on 96.5% of China’s products, covering 99.6% of the total imports from China; China imposed zero tariffs on 93.9% of the products, covering China’s total imports. 93.8%, 90.9% of the products (42.7% of the imports) immediately implemented zero tariffs, and the remaining 3% of the products (51.1% of the imports) gradually reduced to zero tariffs within 5 years. In terms of trade in services, the two sides further open their markets to each other on the basis of their respective WTO commitments. In addition, the two sides have reached broad consensus in many fields such as environment and trade, competition, intellectual property, investment, and e-commerce.

The China-Georgia Free Trade Agreement is the first free trade agreement signed between China and the countries in Europe and Asia. It is also the first free trade agreement initiated and reached by China after the “One Belt, One Road” initiative. The implementation of the agreement is to implement the specific measures of the 19th National Congress of the Communist Party of China on “promoting the construction of a free trade zone and promoting the construction of an open world economy”. It is of great significance for advancing the strategy of the free trade zone and implementing the “One Belt, One Road” initiative.

In 2018, Georgia’s exports to China totaled US$198 million, down 1.8% year-on-year; imports from China were US$834 million, up 13.7% year-on-year. The trade deficit in Georgia is 636 million US dollars.

Foreign exchange control

Georgia’s foreign exchange policy is a non-regulatory policy. That is to say, you have made money in Georgia. You can exchange it for a foreign exchange point and take it out. You don’t need any formalities and no fees.

The foreign exchange rate is linked to the US dollar and is freely floating and regulated by the market. The Georgian currency is basically stable, often 2:1, that is, 2 local currency units Larry against a US dollar.

Population and labor value

Georgia’s workforce is highly qualified and generally has university education. The old people have the character of the people of the past, can endure hardships, be skilled, and work hard.

No restrictions on exports to Europe and the United States

Georgia does not have any quotas or license restrictions on exports to Europe and the United States. It transports goods to Georgia and then exports them, or does simple processing in Georgia to avoid anti-dumping in order to achieve a win-win situation. Georgia joined the WTO one year before China and joined the country as a developed country. There are many policies that can be used.