Free Trade Agreement in Hong Kong

As an emerging financial hub, Hong Kong has been actively pursuing free trade agreements with trading partners around the world. Recently, Hong Kong concluded negotiations with the Association of Southeast Asian Nations (ASEAN) to create a free trade area that will open up a host of opportunities for businesses in both Hong Kong and ASEAN nations.

This landmark agreement expands the already existing ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA), which came into effect in June 2019. The AHKFTA provides for the elimination of tariffs on goods traded between Hong Kong and ASEAN, as well as enhanced investment protections and market access for services trade.

With the signing of the ASEAN-Hong Kong Free Trade Agreement (AHKFTA), businesses in Hong Kong will enjoy even greater access to ASEAN markets and benefit from preferential treatment in areas such as legal and financial services. The agreement will also likely attract more investment into Hong Kong, further boosting the city`s economy.

In addition to the AHKFTA, Hong Kong has also been working on free trade agreements with other countries, including Australia and the United Kingdom. Negotiations are ongoing with these countries and other potential partners, and are expected to result in further benefits for businesses in Hong Kong.

Overall, the conclusion of the ASEAN-Hong Kong Free Trade Agreement represents a major milestone in Hong Kong`s trade policy. The agreement will help deepen economic ties between Hong Kong and ASEAN nations, while providing businesses in Hong Kong with new opportunities to grow and expand across Southeast Asia. As Hong Kong continues to pursue free trade agreements with other countries, the city`s importance as a global financial center and trading hub is likely to increase.