Georgia plans to benefit from abolition of free trade regime by Russia

Photo: Georgia plans to benefit from abolition of free trade regime by Russia / Georgia

Tbilisi, Georgia, August 1

By Nana Kirtzkhalia - Trend:

Georgia will impose customs duties on the products imported from Russia, as a result of which Georgia's budget will receive additional 15-20 million lari ($1=1.76 lari), the country's Finance Minister Nodar Khaduri told reporters on August 1.

"Georgia's trade regime with Russia will be similar to our trade regime with the EU, China and many other countries. At the same time, it is not expected that as a result of the taxation of our products in Russia, the prices for these products will increase," Khaduri said.

"The agricultural products, wine and soft drinks account for 80 percent of the export volume, while 11 percent fell to ores and electricity as of 2014. We believe that there will be no losses; customs duties will be imposed on the products imported from Russia, as a result of which Georgia will receive additional 15-20 million lari," the minister added.

Russian Ministry of Economic Development earlier worked out a draft government resolution to suspend the free trade agreement signed between Russia and Georgia on February 3, 1994.

The suspension of the agreement has been agreed with Russia's Foreign Ministry, Ministry of Economic Development and Ministry of Justice, according to the draft resolution.

Edited by CN

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