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India, Georgia sign Joint Statement to launch Joint Feasibility Study on FTA

India and Georgia have singed a Joint Statement on the launching of the Joint Feasibility Study on the Free Trade Agreement between both countries.

The statement was signed by Union Commerce & Industry Minister Nirmala Sitharaman and Georgia’s Minister of Economy and Sustainable Development Giorgi Gakharia.

Key Facts
  • The objective of the study is to further promote economic, trade and investment relations between the two countries for creating favourable conditions for more comprehensive economic cooperation.
  • Upon the completion of the Joint Feasibility Study both countries may proceed to negotiations on an FTA once the internal procedures are completed and the mandates on negotiations are approved.
  • In this regard, Joint Feasibility Study Group consisting of the officials of the two countries has been established.
  • It will provide an opportunity for more in-depth and systematic examination of potential FTA. It will discuss possible scope of a potential FTA and analyse sensitiveness of specific sectors and recommend possible ways to address them. 
Background

India is having positive trade balance with Georgia. In 2015-2016 the total exports from India to Georgia was $82.57 million and import from Georgia was $24.47 million. The Joint Feasibility Study will further contribute to the mutually beneficial cooperation of the partners and bring it to a new level.

Georgia: It is a country in the Caucasus region of Eurasia. It is located at the crossroads of Western Asia and Eastern Europe and is bounded by the Black Sea to the west, Russia to the north, Turkey to the south and Armenia and Azerbaijan to the southeast. Tbilisi is its capital and largest city.

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Sri Lanka, Pakistan agree to expand FTA

Sri Lanka and Pakistan have agreed to expand their bilateral free trade agreement (FTA) by inclusion of services and investment.

Statement in this regard was made by Pakistan Prime Minister Nawaz Sharif during his official visit to Sri Lanka. The expansion of FTA would help companies of the two nations to form joint ventures (JV) for exports to other nations.

Pakistan Prime Minister Nawaz Sharif’s official trip  to Sri Lanka comes after eight months of President Sirisena’s visit to Pakistan in April 2015.

Sri Lank-Pakistan Free Trade Agreement (FTA)

  • The FTA between Sri Lanka and Pakistan came into effect in June 2005. Since the Pakistan’s exports to Sri Lanka were to the tune of 150 million dollars.
  • Sri Lanka’s exports to Pakistan were valued at about 52 million dollars, accounting for around 70 per cent of the country’s total exports to Pakistan.

8 MoUs signed

  • Both countries also signed 8 agreements in the fields of science and technology, education, agriculture, healthcare, tourism, cultural exchanges, sporting contacts, people-to-people contacts and combating money laundering and terror financing.

Defence Deal

  • Pakistan also sealed a landmark defence deal to sell JF-17 Thunder fighter jets to Sri Lanka.
  • Under this deal Pakistan will sell 8 JF-17 Thunder fighter jets which are already part of Pakistan Air Force (PAF).

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