Free Trade Agreement and Investment Agreement between Hong Kong and Australia enter into force
The Free Trade Agreement (FTA) and Investment Agreement signed between Hong Kong and Australia in March this year will enter into force officially on January 17, 2020, providing Hong Kong traders and investors with legal certainty and more favourable access to the Australian market, while creating more business opportunities and enhancing trade and investment flows between Hong Kong and Australia.
- On trade in goods, all Hong Kong-originating goods can enter Australia tariff-free and via simplified procedures immediately upon the entry into force of the FTA.
- On trade in services, commitments made by Australia cover some 140 service sectors. Hong Kong service providers are able to enjoy market access and treatment no less favourable than Australia's local service providers under like circumstances. Australia's commitments encompass sectors where Hong Kong has traditional strengths or has potential for development. These include professional services (including arbitration, conciliation and mediation services), business services, transport services, financial services and telecommunications services.
- On investment, Hong Kong investors can enjoy more favourable access to the Australian market under the FTA. In particular, the monetary thresholds for investment screening in a number of sectors have been raised. Investors from both places will also benefit from the modern provisions on treatment and protection under the new Investment Agreement which, upon its entry into force, will replace the one signed in 1993.
Source: HKSAR Press Release