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ASEAN & Hong Kong conclude FTA negotiations

Released at: 10:49, 12/09/2017

ASEAN & Hong Kong conclude FTA negotiations

At the second ASEAN Economic Ministers (AEM) - Hong Kong, China Consultations in the Philippines on Sept. 9, 2017 (Source: info.gov.hk)

ASEAN - Hong Kong FTA and a related investment agreement to be signed in November in the Philippines during the ASEAN Summit.

by Van Long

Representatives from ASEAN member countries, including Vietnam, and Hong Kong have concluded negotiations over a free trade agreement (FTA) and a related investment agreement.

Negotiators announced the conclusion of the ASEAN - Hong Kong FTA on September 9 in Pasay, the Philippines.

Hong Kong’s Secretary for Commerce and Economic Development Edward Yau was quoted by the Vietnam News Agency as saying that the two agreements will be signed in November, on the occasion of the ASEAN Summit, hosted by the Philippines.

The agreements are comprehensive in scope and the commitments therein are of value, encompassing trade in goods and services, investment, economic and technical cooperation, and dispute settlement mechanisms, Mr. Yau added.

ASEAN, he went on, is a very important trade partner of Hong Kong. The bloc was its second-largest partner in terms of trade turnover in 2016 and the fourth-largest in services trade in 2015.

Total trade turnover between Hong Kong and ASEAN amounted to HKD833 billion ($106.6 billion) in 2016, while total services trade was HKD121 billion ($15.4 billion) in 2015.

Regarding investment, as at the end of 2015, ASEAN ranked sixth among destinations for Hong Kong investment, with HKD218 billion ($27.9 billion), and ranked sixth among Hong Kong’s sources of inward investment, with HKD555 billion ($71.1 billion).

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