Hong Kong, one of the most significant business and financial centers in the world, has a long history of free trade agreements (FTAs) that it has signed with various countries. These agreements aim to foster economic growth, free up trade barriers, and facilitate international trade.
As a Special Administrative Region of China, Hong Kong has its own political and economic system, giving it the autonomy to negotiate and sign its own free trade deals. Hong Kong`s FTAs cover a wide range of sectors, including goods, services, and investment.
Let`s take a closer look at some of the notable FTAs that Hong Kong has signed over the years:
1. ASEAN-Hong Kong Free Trade Agreement (AHKFTA)
In November 2017, Hong Kong signed an FTA with the Association of Southeast Asian Nations (ASEAN), which comprises ten member states in Southeast Asia. The AHKFTA aims to reduce tariffs and enhance economic ties between Hong Kong and ASEAN member states, promoting cooperation and mutual benefits in various sectors.
2. Hong Kong-Canada Closer Economic Partnership Agreement (CEPA)
Hong Kong and Canada signed CEPA in 2017, which provides for the elimination of tariffs on many goods and services trade between the two, as well as improved market access for investment and business activities.
3. Hong Kong-Mainland China Closer Economic Partnership Arrangement (CEPA)
Signed in 2003, CEPA is an FTA allowing Hong Kong and mainland China to promote economic integration and cross-border cooperation by eliminating tariffs, reducing trade barriers, and increasing opportunities for business.
4. Hong Kong-New Zealand Closer Economic Partnership Agreement (CEPA)
Hong Kong and New Zealand signed CEPA in 2010, which provides for the elimination of tariffs on many goods and services trade between the two, as well as improved market access for investment and business activities. The agreement is designed to further enhance the two countries` economic relationship.
5. Hong Kong-EFTA Free Trade Agreement (FTA)
Hong Kong signed an FTA with the European Free Trade Association (EFTA) in 2011, which includes Switzerland, Norway, Iceland, and Liechtenstein. The FTA aims to further improve market access by reducing tariffs on certain goods and increasing investment opportunities for businesses.
To conclude, Hong Kong`s free trade agreements are a vital part of the region`s economic development and growth. These agreements provide significant benefits to businesses, investors, and consumers, promoting trade and investment across borders, and facilitating mutual economic benefits between Hong Kong and its trading partners.