Hong Kong and Australia have successfully concluded
negotiations on a free trade agreement (FTA) and a new
investment agreement (IA) on November 15 2018. The FTA and the
IA negotiations between Hong Kong and Australia commenced in
May 2017, bringing the 18-month negotiation to a close.
Given recent global trade tensions, the Hong Kong-Australia
FTA and IA mark a milestone in the development of the
substantial bilateral trade and investment relationship between
the two jurisdictions.
The FTA and IA, when signed, will cover trade in goods and
services, investment and other related areas, and will boost
the flow of trade and services between Hong Kong and Australia.
This will enhance the competitiveness of Hong Kong exports in
the Australian market and promote Hong Kong's competitiveness
as an investment jurisdiction.
The main objectives for Hong Kong launching the FTA
negotiations were to:
- Ensure zero tariffs for Hong Kong products
sold into the Australian market; and
- Secure for Hong Kong service providers the
best FTA commitments that Australia has to offer.
Currently, Hong Kong has FTA arrangements with mainland
China, New Zealand, Iceland, Liechtenstein, Norway,
Switzerland, Chile, Macao, Brunei, Cambodia, Indonesia, Laos,
Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam
and Georgia. Hong Kong has also concluded negotiations with the
Maldives. This brings the total number of FTA arrangements with
Hong Kong to 21.
Hong Kong also has 20 existing IA arrangements with
Australia, Austria, Belgium, Luxembourg, Canada, Chile,
Denmark, Finland, France, Germany, Italy, Japan, Republic of
Korea, Kuwait, the Netherlands, New Zealand, Sweden,
Switzerland, Thailand and the UK.
In addition, Hong Kong has 17 treaty arrangements with
investment provisions with Brunei, Cambodia, Indonesia, Laos,
Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam,
China, Chile, Iceland, Liechtenstein, Norway, Switzerland and
The Hong Kong FTA and IA with Australia will foster and
strengthen bilateral ties between both countries. It will
provide certainty for Hong Kong corporations doing business in
Australia as well as providing better access to the Australian
market for Hong Kong exporters of education, as well as
financial and professional services.
The details of Hong Kong and Australia's FTA and IA will be
released when both countries sign the agreements in the first
half of 2019.
FTAs are typically accompanied by a comprehensive double
taxation agreement and we hope this will be the case with
Lewis Lu (email@example.com) and Curtis Ng (firstname.lastname@example.org)
Tel: +86 (21) 2212 3421