China and Georgia signed a free trade agreement (FTA), which will eliminate the majority of tariffs on trade between the two countries. The Free Trade Agreement was signed on May 14 and is the first FTA signed between China and the Eurasian state. It is expected that it will enter into force early next year. Under the terms of the agreement, Georgia will cancel tariffs for 96.5 percent of tariff lines for five years, and China will eliminate tariffs for 93.9 percent of tariff lines for products from Georgia.

Grenada's Inland Revenue Division has announced that a Tax Advisory Committee has been established.

According to the announcement, the Tax Advisory Committee is expected to "develop and encourage mutual cooperation between taxpayers and the Inland Revenue Division, and assist in streamlining administrative and procedural difficulties of a general nature."

The Committee will also provide input to the island's Ministry of Finance during the legislative process by studying and recommending changes to tax laws.

The European Council adopted a directive on the protection of the EU's financial interests (PIF Directive), which will apply to "serious" cases of VAT fraud.

The PIF directive is intended to strengthen the prosecution and sanctioning of crimes against EU finances, as well as to facilitate the return of illegally used EU funds.

The Directive contains general definitions of a number of crimes against the EU budget, including cases of fraud, active and passive corruption, misappropriation of fund.

The Board of the National Bank of Ukraine has decided to cut the key policy rate to 13%, effective 14 April 2017. The resumed cycle of the monetary policy easing is in accord with the pursuit of inflation targets set for 2017-2019 and will help propel the economic growth in Ukraine. Read more on the website of The National Bank of Ukraine.

The first round of negotiations on the China-Norwegian Free Trade Agreement took place in September 2008. However it was suspended after the eighth round in September 2010 after relations between the two countries were frozen because of the decision to award the Nobel Prize to a Chinese dissident Liu Xiaobo.

After the meetings on April 7-10, 2017, representatives of the two countries signed the agreements on the resumption of negotiations on a free trade zone, the establishment of a joint economic and trade committee between the two countries, and also on economic and technical cooperation.

The statement of the Ministry of Commerce of China says: "Restarting the relevant trade and economic agreements will help mutual cooperation and as a new stage will promote trade and economic cooperation between China and Norway."


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