There’s just a few days to go until the Australia-Hong Kong Free Trade Agreement (A-HKFTA) enters into force – 17 January 2020.
This free trade agreement launches a new chapter in economic relations between Australia and Hong Kong. The trade agreement provides Australian businesses greater certainty to trade and investment activities in Hong Kong. It also reaffirms the value Australia places on the high degree of autonomy enjoyed by Hong Kong through the “One Country, Two Systems” framework.
Hong Kong is a Special Administrative Region of the People’s Republic of China, and it is an attractive export destination for Australia. In 2018-19, Hong Kong was Australia’s tenth most important destination for merchandise exports ($8 billion) and seventh-largest services export market ($3 billion). Hong Kong was our fifth largest source of total foreign investment, with a stock of $118.8 billion at the end of 2018. Hong Kong was our eleventh largest destination for total Australian investment, with a stock of $52 billion at the end of 2018.
The Australia-Hong Kong FTA strengthens Australia’s relations with one of its most significant trade and investment partners. The A-HKFTA will provide increased certainty for Australian service providers and investors. It will lock in continued access to the Hong Kong Market for Australian exporters of education, financial and professional services, as well as guarantee that Hong Kong will not apply tariffs to Australian goods in the future.
Making the most of the Australia-Hong Kong Free Trade Agreement
To help you make the most of A-HKFTA, you can read the:
- A-HKFTA outcomes documents that summarise the main outcomes;
- Guide to using A-HKFTA to export or import goods (The Guide has been published in advance of entry into force to allow Australian businesses to plan ahead. However, claims for preferential tariff treatment under A-HKFTA cannot be made until the Agreement enters into force.)
- FTA Portal, which is a comprehensive resource for exporters, importers of goods and services providers looking to explore the benefits of Australia’s current free trade agreements The FTA Portal will be updated to include A-HKFTA related information when the Agreement enters into force);
- Doing business with Hong Kong guide – for more information about doing business in Hong Kong and Hong Kong’s business culture.