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There are different degrees or levels of economic integration. For the Free Trade Agreement between Hong Kong, China and Georgia, the parties to the agreement, which entered into force on February 13, 2019, highlighted the benefits it has brought to trade and investment in both sides. Georgia has eliminated tariffs on 96.6% of its customs positions on imports from Hong Kong, China, while Hong Kong, China, has implemented its current duty-free regime. A free trade agreement removes all barriers to trade between members, which means they can move freely between goods and services. As far as relations with non-members are concerned, the trade policy of each member is always effective. iii. An overlapping regionalism. Countries belong to more than one RTA. There is inherent leeway for these RTAs to transform the global trading system into what Jagdish Bhagwati calls a “noodle shot” of overlapping and possibly inconsistent and inconsistent ASAs. Five different levels can be viewed as follows: Korea will liberalize more than 76% of its customs positions for imports from ASEAN, while ASEAN members will liberalize between 85% and 100% of their customs lines for imports from Korea. Korea noted the increase in the volume of bilateral trade, which will continue thanks to the close cooperation between the parties to the agreement. Korea added that the parties are currently negotiating market access for sensitive products in order to benefit from additional benefits.

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