Minister for Trade Inkyo Cheong of the Republic of Korea and Georgia’s Deputy Minister of Economy and Sustainable Development Genadi Arveladze announced today in Seoul the conclusion of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA). This Agreement is Korea’s first concluded EPA and 26th Free Trade Agreement (FTA) by order of conclusion.


Since agreeing to launching the Korea-Georgia EPA negotiations in November 2023, the two sides have been making effort to narrow differences through official and intersessional negotiations, which culminated in today’s conclusion of the Agreement during Deputy Minister Arveladze’s visit to Korea.


Trade Minister Cheong assessed that as the two countries are committed to a high level of open trade and extensive cooperation in areas like supply chains, transportation, logistics, and energy through this EPA, it is anticipated that the Agreement will contribute not only to expanding bilateral trade but also to establishing a stable global supply chain.


According to the bilateral Agreement, it is conclusive that within 10 years of entry into force, 93.3 percent of Korean items open to Georgia free of tariffs and 91.6 percent of Georgian items open to Korea duty-free.


As the Agreement ensures Korea’s access to Georgia’s marine and road cargo transport, warehousing, and cargo brokerage markets, Korean businesses can look forward to diversifying their transport and logistics network, facilitating exports, and stabilizing the supply chain in preparation against geopolitical risks. Furthermore, Georgia’s markets for publication, exhibition, education services, and the music industry will open up to Korea, enhancing opportunities to promote Korea’s cultural content in the Caucasus country.


The Korean government plans to swiftly proceed with legal scrubbing among other procedures for the formal signing so that the two countries can move forward their respective domestic process towards the Agreement’s prompt entry into force.