China Australia Free Trade Agreement Hong Kong
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 full text of the agreement, as well as useful information and information sheets from the ACF, are available on the website of the Ministry of Foreign Affairs and Trade. For any specific questions regarding the agreement, e-mail ChinaFTA@dfat.gov.au or DFAT phone on 02 6261 1111. Importers can contact the Ministry of the Interior. HKAFTA deals with trade in goods, services, investments, intellectual property, government procurement, competition and other related fields. It will cover bilateral trade of approximately AUD 18.8 billion ($13.2 billion) and is expected to play an important role in ensuring more market-friendly access and legal certainty between the two economies. Despite its relatively small population, the Hong Kong import market is a strategic market for the Australian economy, with Australian products exported to Hong Kong surpassing New Zealand, Singaporean, Indonesian and British products. Hong Kong is a major player in world trade with China. In addition, the agreement will facilitate business travel, as temporary tickets are now availabled to travellers from Hong Kong and Australia to facilitate activity at each site. The China-Australia Free Trade Agreement (ChAFTA) came into force on December 20, 2015. Australian Trade and Investment Minister Andrew Robb, a signatory to ChAFTA, said: « This historic agreement with our largest trading partner will support future economic growth, job creation and a higher standard of living by increasing trade in goods and services and investment.
China, with its 1.4 billion people and rapidly growing middle class, offers Australian businesses huge opportunities for the future. « This new free trade agreement is likely to provide a boost in trade and services between Hong Kong and Australia and will help promote Hong Kong`s competitiveness as an investment objective, » said Paul Dwyer, Director of the Australian Desk and International Tax and Transfer Pricing at Dezan Shira Associates. Australia is a valuable trading partner of Hong Kong. It was ours 7. the largest trading service partner in 2018, with total services trade between the two parties of HK 47 billion and our 20th largest merchandise trading partner in 2019, with a total of HK 50 billion. Hong Kong is traditionally the gateway to mainland China and other Northeast Asian economies, and mainland China is Australia`s largest import and export trading partner. This common and complementary focus has been the basis of economic relations between Hong Kong and Australia – where investment, trade and trade relations have played an important role. The merchandise export market is a fundamental element of trade relations between Australia and Hong Kong. In 2017-18, Hong Kong`s imports from Australia amounted to AUD 11.4 billion ($7.84 billion), while Australian exports to Hong Kong amounted to AUD 1.1 billion ($700 million).
The main imports of Australian products to Hong Kong were gold, edible products and preparations, and telecommunications equipment.