Australia Free Trade Agreement With Hong Kong

The origin declaration must comply with the requirements of Article 3.16 and contain the minimum data referred to in Annex 3A: it complements the Free Trade Agreement between Australia and China, which does not cover Hong Kong. Hong Kong has tried to conclude free trade agreements with its trading partners in order to develop its trade and commercial networks and create more favorable conditions for Hong Kong companies to access the mainland and overseas markets. 3.So, Hong Kong signed four free trade agreements with the mainland, New Zealand, the Member States of the European Free Trade Association (consisting of Iceland, Liechtenstein, Norway and Switzerland) and Chile. We are currently negotiating free trade agreements with the Association of Southeast Asian Nations (ASEAN) (note 2), Georgia and the Maldives and are discussing a closer economic partnership with Macau. This free trade agreement turns the page on economic relations between Australia and Hong Kong. The trade deal provides Australian companies with greater security for business and investment activities in Hong Kong. It also reaffirms the value Australia places on the high degree of autonomy that Hong Kong enjoys through the “One Country, Two Systems” framework. But international law expert Donald Rothwell told the CBA that the government`s legal justification calls into question a number of other agreements, including those on drug trafficking and mutual legal assistance. The Hong Kong Free Trade Agreement only entered into force in January this year and is separate from the free trade agreement signed by Australia with China in 2015. 11.Hong Kong`s main service sectors are import and export trade, wholesale trade and retail trade (22.7% of GDP in 2015); financing and insurance services (17.6%); public administration, social and personal services (17.5%); real estate, professional and business services (10.9%); transport, storage, mail and courier services (6.5%); and information and communication services (3.5%). At the end of 2018, Australia, with a stock of $119 billion, ranked 8th among Hong Kong`s overseas direct investment destinations and ranked 16th among Hong Kong`s FDI sources, with a stock of $39 billion. 2 Technical barriers to trade shall include technical rules, standards and conformity assessment procedures which may directly or indirectly affect trade in goods.

. . .

Comments are closed.