Saturday, July 24, 2021

business

Thai trade agency says service sector would benefit from Hong Kong FTA


Forging a free-trade agreement with Hong Kong would bring significant benefits for the Thai service sector, Thai trade negotiators said on Thursday.

A Thailand-Hong Kong FTA would attract business and investment for Thai real estate, e-commerce, finance, insurance and logistics businesses, said International Trade Negotiations Department chief Auramon Supthaweethum, citing the results of a preliminary study.

The results showed that a Thai-HK FTA would not give greater access to other markets since tariffs on all goods from Thailand have already been lifted under the Asean-Hong Kong FTA.

The department advised Thai businesses to exploit the existing Asean-Hong Kong FTA as a gateway to markets in mainland China. It highlighted opportunities from the Guangdong-Hong Kong-Macau Cooperation Strategy (Greater Bay Area), an investment zone for development of high-tech cities and industries.

It also promoted a proposed mechanism for economic dialogue, such as a Joint Trade Committee (JTC) between the Thai and Hong Kong governments, and a Thai-HK Business Council that would open Hong Kong’s market to Thai agricultural products and services spanning the entertainment, health and real estate industries.

Hong Kong is Thailand's 8th largest trading partner, with bilateral trade worth US$13.298 billion last year.

Thailand exported $11.292 billion worth of goods to Hong Kong last year while receiving $2.006 billion in imports from the Chinese territory.

Major exports include computers and components, circuit boards, gems and jewellery, fruits, electrical appliances and components, and rice. Major imports include jewellery, gems, silver and gold bars, fabrics, chemicals, jewellery, electrical machinery, and components.

Published : June 17, 2021

By : The Nation