India, Georgia sign Joint Statement to launch Joint Feasibility Study on FTA
India and Georgia have singed a Joint Statement on the launching of the Joint Feasibility Study on the Free Trade Agreement between both countries.
The statement was signed by Union Commerce & Industry Minister Nirmala Sitharaman and Georgia’s Minister of Economy and Sustainable Development Giorgi Gakharia.
Key Facts
- The objective of the study is to further promote economic, trade and investment relations between the two countries for creating favourable conditions for more comprehensive economic cooperation.
- Upon the completion of the Joint Feasibility Study both countries may proceed to negotiations on an FTA once the internal procedures are completed and the mandates on negotiations are approved.
- In this regard, Joint Feasibility Study Group consisting of the officials of the two countries has been established.
- It will provide an opportunity for more in-depth and systematic examination of potential FTA. It will discuss possible scope of a potential FTA and analyse sensitiveness of specific sectors and recommend possible ways to address them.
Background
India is having positive trade balance with Georgia. In 2015-2016 the total exports from India to Georgia was $82.57 million and import from Georgia was $24.47 million. The Joint Feasibility Study will further contribute to the mutually beneficial cooperation of the partners and bring it to a new level.
Georgia: It is a country in the Caucasus region of Eurasia. It is located at the crossroads of Western Asia and Eastern Europe and is bounded by the Black Sea to the west, Russia to the north, Turkey to the south and Armenia and Azerbaijan to the southeast. Tbilisi is its capital and largest city.
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Month: Current Affairs - April, 2017