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Australia Hk Free Trade Agreement

On January 17, 2020, the free trade agreement with Hong Kong came into force, which provides greater security for trade and investment activities between Australia and Hong Kong. The trade agreement will allow Australia to strengthen its relationship with an important trade and investment partner. It came into force on Friday, Trade, Tourism and Investment Minister Simon Birmingham announced. The new agreement will benefit a number of industries, including financial services and free services, food and beverages, education and e-commerce, said Regional Services Minister and Deputy Minister of Trade and Investment Mark Coulton. This free trade agreement will open a new chapter in australia-Hong Kong economic relations. The trade agreement gives Australian companies more security for business and investment activities in Hong Kong. It also reaffirms the importance Australia attaches to Hong Kong`s high degree of autonomy through the “One Country, Two Systems” framework. In 2018-19, Hong Kong was Australia`s tenth largest goods export destination ($8 billion) and the seventh largest export market for services ($3 billion). “Hong Kong is our fifth largest source of investment and a platform market to showcase our premium products and services in the broader Asian market. The terms of application received royal approval on December 3, 2019. Hong Kong is an attractive export destination for Australia as a special administrative region of the People`s Republic of China. The A-HKFTA will guarantee Australian exporters access to the Hong Kong market and ensure that Hong Kong will not impose tariffs on Australian products in the future.

It complements Australia`s free trade agreement with China, which does not cover Hong Kong. “Lexology provides a one-stop source for informed comments. In order to apply for preferential rates under A-HKFTA, the following codes should be used in the integrated freight system: more information, including the text of A-HKFTA, is available on the website of the Ministry of Foreign Affairs and Trade. “Service providers will also benefit from guaranteed market access and two-way investment conditions will be better than ever and will provide security and confidence to Australian investors,” said Mr Birmingham. A declaration of origin forms the basis of an application for preferential treatment under A-HKFTA.

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