Trade deal between HK and Asean for November signing
A free-trade agreement (FTA) between Asean and Hong Kong will be signed during the Asean summit in November in the Philippines, according to Thailand's Department of Trade Negotiations.
The meeting of the Asean-Hong Kong FTA Trade Negotiating Committee began in 2014 and so far there have been 10 rounds of negotiations. Thailand hosted the last round of talks on July 30-31, during which Asean and Hong Kong wrapped up the talks on all issues.
The successful conclusion of the talks will be declared in the second meeting of the Asean Economic Ministers-Hong Kong, China Consultations in September.
The department's deputy director-general Ronnarong Phoolpipat said that this would be the sixth FTA accord between Asean and its trading partners. The fifth one is the Asean-Australia-New Zealand deal signed in 2009.
The Asean-Hong Kong FTA will benefit both sides. Asean members can use Hong Kong as a gateway to tap the Chinas market. Under the Hong Kong-China Closer Economic Partnership Arrangement, 1,819 products exported from Hong Kong enjoy 0 per cent import tariffs in mainland China.
Hong Kong was Thailand's ninth biggest trading partner last year. Bilateral trade was US$13 billion last year. Thailand’s main export to Hong Kong include personal computers, jewellery, fresh fruit, and rice, while the main export from Hong Kong to Thailand include jewellery and gold bars.
Last year Hong Kong investment in Thailand via Thailand's Board of Investment was ranked as the seventh biggest, totalling 32 projects worth Bt8.6 billion, down 68.9 per cent year on year. The number of Hong Kong tourist arrivals to Thailand last year was 750,000, while that of Thailand to Hong Kong was 590,000.
