Georgian and South Korean officials held the final round of talks for an economic partnership agreement in Tbilisi, resulting in agreement on “key areas” including trade in goods and services, intellectual property rights and customs.

According to the Ministry of Economy, the final draft for the deal will be followed by the signing of the agreement, before it undergoes domestic procedures to come into effect.

“South Korea, with a population of more than 50 million, is a consumer market with high purchasing power. It has imposed high tariffs, exceeding 800%, to protect its domestic market. Georgian Government made significant progress in tariff liberalisation. Tariff benefits will not only apply to products exported from Georgia, but also to those with potential in the current market. The agreement also aimed to foster cooperation in investment, transport, energy, tourism, and other sectors”, - said Georgian Deputy Economy Minister, Genadi Arveladze.