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Hong Kong, Australia to sign FTA and investment agreements

China's Hong Kong Special Administrative Region (SAR) and Australia have concluded the negotiations on a free trade agreement (FTA) and an investment agreement. The arrangement would take the two economies' trade and investment relationship to a "new height. Hong Kong will launch FTA negotiations to achieve zero tariffs for Hong Kong products to the Australian market and to secure Australia's best FTA commitments for Hong Kong services. The two agreements encompass trade in goods, trade in services, investment and other related areas, providing with legal certainty and better access to the Australian market.

The deal will be a major windfall for Aussie businesses and service suppliers and good news for its farmers, and in particular its seafood industry, beef and pork producers and winemakers. According to Hong Kong SAR's Trade and Industry Department, bilateral trade in goods between Hong Kong and Australia amounted to $6.92 billion in 2017, up 3.7 percent from 2016. Over the past 12 months, the Hong Kong SAR government has signed three FTAs with 12 economies including the 10 member states of the Association of Southeast Asian Nations (ASEAN), Georgia and Macao SAR.

 

 
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