Seoul: South Korea has finalized an economic partnership agreement with Georgia, marking the 26th free trade pact signed by Asia's No. 4 economy, the trade ministry announced on Wednesday. Under this agreement, both nations will eliminate tariffs on the majority of imports from each other within a decade, with South Korea and Georgia abolishing tariffs on 93.3 percent and 91.6 percent of imports, respectively.According to Yonhap News Agency, the agreement follows a year of negotiations between the two countries. Once implemented, Georgia will immediately remove tariffs on new and used automobiles, including environmentally friendly models. Other major products set to benefit from the agreement include food, cosmetics, pharmaceutical goods, and electronics. In return, South Korea will lift tariffs on products such as wine, liquor, and sparkling water, offering domestic consumers a broader range of choices.The economic partnership agreement notably excludes agricultural products like rice and honey, in cons ideration of potential protests from the agricultural sector. Trade Minister Cheong In-kyo highlighted in a statement that the agreement covers a wide range of areas, aiming for broader cooperation in supply chain, transportation, logistics, and energy. He noted that as Georgia emerges as a new logistics hub amid geopolitical factors such as the Russia-Ukraine conflict, the agreement will also pave the way for South Korea to the Caucasus region.The two nations are now preparing the remaining procedures needed for the official signing of the deal, which include translating documents and securing approvals from their respective parliaments. The trade volume between South Korea and Georgia reached US$206 million in 2023, a significant increase from $130 million in 2022.
- October 12, 2026
