A Korea-Georgia free trade agreement would bring substantial benefits for Korea and Georgia, Genadi Arveladze, the Caucasus nation's deputy minister of economy and sustainable development, told The Korea Herald on Friday, as Georgia and Korea embarked on negotiations for a comprehensive free trade agreement.

“The agreement would not only help expand trade and investment but also provide a comprehensive institutional framework for a wide range of bilateral cooperation,” Arveladze said.

“We need, first of all, to sign this agreement to remove tariff barriers as well as non-tariff barriers.”

Arveladze visited Seoul to formally complete preparatory work for official negotiations on the Georgia-Korea Economic Partnership Agreement, or EPA and met the South Korean trade minister to sign a joint statement on the launch of the negotiations and terms of reference of the EPA.

Georgia has high strategic value as an energy corridor for major oil and gas transportation routes, and has a significant potential market connected to neighboring economic zones such as the European Union, Gulf Cooperation Council, and Commonwealth of Independent States.

The EPA with Georgia could enable the two sides to strengthen supply chain economic cooperation and expand exports and investments, according to the South Korean Trade Ministry.

• ·Hyundai Elevator, Erbud team up to rebuild Ukraine
• ·[Today’s K
• ·Response to Yasukuni visits underway: official
• ·[Herald Interview] Chile, Korea need to boost global lithium value chain: minister
• ·S. Korea, Japan, China agree to accelerate summit efforts
• ·S. Korea, US and Japan to conduct joint aerial exercise for 1st time: source
• ·US toughens rules on exports of advanced computing chips to China
• ·GOT7’s Youngjae to release 1st solo LP “Do It” next month
• ·LS Materials to tap deeper into EV, green energy markets
• ·Opposition leader away in court with critics calling for his departure from party
• ·BTS Jungkook's star
• ·Seoul shares up nearly 1 pct on eased concerns over Middle East conflict
• ·South Korea warns tit
• ·US toughens rules on exports of advanced computing chips to China
• ·S. Korea, US and Japan to conduct joint aerial exercise for 1st time: source
• ·Industry minister asks refiners to use fair pricing policy amid Israel