The Free Trade Agreement and Investment Agreement signed between China’s Hong Kong Special Administrative Region and Australia in March will enter into force on January 17, 2020.The deals will create more business opportunities and enhance trade and investment flows between Hong Kong and Australia, the HKSAR government revealed.
After the agreements take effect, Hong Kong-originating goods will enter Australia tariff-free after simplified procedures. Hong Kong service providers can enjoy market access and treatment no less favorable than Australian peers in some 140 service sectors, where Hong Kong has traditional strengths, including professional services and financial services.
Hong Kong investors can enjoy more favorable access to the Australian market, such as higher monetary thresholds for investment screening. Investors from both places will also benefit from the modern provisions on treatment and protection under the new agreement.