Free Trade Agreement Between Hong Kong China And Australia
In 2003, the Chinese central government signed the Closer Economic Partnership Arrangement (CEPA) with the government of the Hong Kong Special Administrative Region or the government of the Macao Special Administrative Region. Supplements I, II, III, IV, V and VI were signed in 2004, 2005, 2006, 2007, 2008 and 2009. CEPA is a successful application of the “one country, two systems” principle, a new path for institutional cooperation between the mainland and Hong Kong and Macao and an important milestone in economic and trade exchanges and cooperation between the mainland and Hong Kong and Macao. It is a free trade agreement signed by the central government with the separate customs territories of Hong Kong and Macau, as well as the first fully implemented free trade agreement in mainland China. Despite a relatively small population, Hong Kong`s import market is a strategic market for the Australian economy, with Australian products exported to Hong Kong surpassing those of New Zealand, Singapore, Indonesia and Britain combined. Hong Kong is an important company in global trade and trade with China. Under the APCFT, activity will be facilitated by streamlined procedures, while new forms of trade will be strengthened by more transparent rules. On March 26, 2019, the Minister of Trade, Tourism and Investment, Senator Simon Birmingham and his Hong Kong counterpart for Trade and Economic Development Edward Yau, signed in Sydney the Free Trade Agreement between Australia and Hong Kong, China (A-HKFTA) and the accompanying Investment Agreement. Hong Kong has traditionally been the gateway to mainland China and other Northeast Asian economies, and mainland China is Australia`s main import and export trading partner. This common and complementary focus has served as the basis for economic relations between Hong Kong and Australia, with an important role in investment, trade and trade relations. “Given the recent global trade tensions, the recently concluded free trade agreement between Hong Kong and Australia is an important milestone in the bilateral trade relationship between Hong Kong and Australia,” said Mr.
Dwyer. On 26 March 2019, Hong Kong and Australia signed a Free Trade Agreement (NAFTA) and a Supplementary Agreement on Investment (AI). After nearly two years of negotiations, Australia and Hong Kong have formalized their trade relationship, previously governed by their obligations under the World Trade Organization (WTO) agreement. HKAFTA aims to protect many of the liberal trade policies currently being pursued by Hong Kong and Australia and commits both economies to remove all tariffs. This will make it easier for producers, suppliers and businesses. “This new free trade agreement is likely to boost trade and services flows between Hong Kong and Australia and help promote Hong Kong`s competitiveness as an investment objective,” said Paul Dwyer, Head of the Australian Desk and International Tax and Transfer Pricing at Dezan Shira & Associates. 2 Technical barriers to trade include technical rules, standards and conformity assessment procedures which may directly or indirectly affect trade in goods. In addition, the agreement will facilitate business travel, as business travelers from Hong Kong and Australia now benefit from temporary entries to facilitate their activities at any location.
Australia is a valuable trading partner of Hong Kong….