Choo Kyung-ho "Need to Conclude Korea-Georgia Economic Partnership Agreement"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho held a meeting with Georgia's Minister of Finance Kuchishvili on the 4th to discuss the necessity of concluding an Economic Partnership Agreement (EPA) to strengthen economic cooperation between the two countries, as well as their experiences in hosting annual meetings. This bilateral meeting took place on the occasion of the 56th Annual Meeting of the Asian Development Bank (ADB).

First, Deputy Prime Minister Choo positively evaluated the increase in trade between the two countries from $105 million in 2019 to $131 million in 2022, despite the global COVID-19 situation. Considering medium- to long-term growth potential, he emphasized the need to pursue the conclusion of an Economic Partnership Agreement (EPA), which can be considered a low-level Free Trade Agreement (FTA). The two countries jointly conducted an economic feasibility study in 2021 and completed a public hearing in March of this year.

In response, Minister Kuchishvili fully agreed with the conclusion of the EPA to expand trade between the two countries and pledged active cooperation.

Finally, Deputy Prime Minister Choo congratulated Georgia on hosting the next annual meeting and expressed his willingness to share Korea's experiences.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho (left), attending the 56th Annual Meeting of the Asian Development Bank (ADB), shakes hands and takes a commemorative photo with Lasha Kuchishvili, Minister of Finance of Georgia, on the 4th at Songdo Convensia before their bilateral meeting.

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