Hong Kong and Australia commence FTA negotations

Negotiations on a Hong Kong-Australia free trade agreement (A-HKFTA) have officially begun. Australian trade minister Steven Ciobo said an FTA with Hong Kong would help Australian exporters in the market and also help support Australia’s continuing transition to a broader-based economy.

“As a separate customs entity, Hong Kong is in an unparalleled position to act as gateway to China and the rest of the world,” Mr Ciobo said.

Major Australian exports over the period included edible products and preparations, worth $367; fruit and nuts, worth $198m and others. Hong Kong is also an important base for Australian businesses overseas, with more than 600 Aussie businesses in the region, according to Mr Ciobo.

According to information provided by the Department of Foreign Affairs and Trade, the Hong Kong Special Administrative Region of the People’s Republic of China was Australia’s 14 largest trading partner for merchandise in the 2015-16 financial year.

Hong Kong's real GDP growth showed a year-on-year increase of 1.4% in 2016, and a current account balance of 2.8% of its GDP.

source: lloydslistaustralia.com.au

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