Hong Kong and Australia signed the Australia-Hong Kong Free Trade Agreement (A-HKFTA) and the associated Investment Agreement on March 26, 2019. Both agreements mark a significant milestone in the jurisdictions’ trade and investment relationship.
The negotiations on the FTA have been launched by Australia and Hong Kong on May 16, 2017.
Hong Kong was Australia’s 12th largest trading partner overall in 2018, with total two-way trade in goods and services worth USD 17.8 billion. It is a very attractive export destination for Australia. In 2018, Hong Kong was Australia’s 7th most important destination for merchandise exports (USD 10 billion) and 7th-largest services market (USD 3 billion). Also, Hong Kong is 5th largest source of total foreign investment in Australia, with a stock of USD 118.8 billion at the end of 2018, and our eleventh largest destination for total Australian investment, with a stock of USD 52 billion at the end of 2018.
A strong relationship with Hong Kong is in Australia’s long-term strategic interests. The above-mentioned FTA will strengthen Australia’s relationship with one of its most significant trading partners. With the Hong Kong-Australia FTA, Australia now concluded FTAs with seven of its top-8 export markets for goods and services.
Filed under: Business and Economy, HK as a Financial Centre, HK Law changes, International Business Environment, Investment Environment
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