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China and Georgia signed a free trade agreement on Saturday to create more space for economic and investment activities within the Eurasian area, the Ministry of Commerce announced.

The FTA will see China remove tariffs on 93.9 percent of Georgian products, while Georgia will eliminate tariffs on 96.5 percent of Chinese goods.

Under the agreement, the transitional period of tax reduction will be five years. The two countries promised to further open service sectors to businesses in both sides.

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