India Georgia Begin Free Trade Agreement Talks
NEW DELHI: India has begun the process of negotiating a free trade agreement (FTA) with Georgia and the two countries on Tuesday decided to launch a joint feasibility study for the same.
"In this regard, the Joint Feasibility Study Group consisting of the officials of the two countries has been established," commerce ministry said in a statement after Georgia's Minister of Economy and Sustainable Development Giorgi Gakharia met India's Commerce and Industry Minister Nirmala Sitharaman.
The high level group will give its report in six months after discussing the possible scope of a potential FTA and analysing the sensitiveness of specific sectors, while recommending possible ways to address them.
India has a positive trade balance with Georgia. In 2015-2016 the total export from India to Georgia was $82.57 million and import from Georgia was $24.47 million.
During the period April -February 2016-2017 India's export to Georgia stood at $83 million as compared with $73 million in April-February 2015-2016. Imports from Georgia were $28 million viz-a-viz $24 million in April- February, 2015-2016.