Australia wants FTA with HK to cement ties
Print Edition
THE Australian government has announced it will pursue a free trade agreement with Hong Kong in an attempt to secure further service export opportunities for Australian businesses.
Australia’s Trade Minister Steve Ciobo said securing an FTA with Hong Kong would “strengthen the trading partnership” with one of Australia’s “most significant” trading partners.
Australia already has a zero tariff agreement with Hong Kong. However, the FTA would be aimed at securing easier access for “services exports” and ensure Hong Kong would remain open for Australian business.
Under the proposed deal, Australian businesses would be allowed to operate within the mega economy without establishing “on-the-ground” operations within Hong Kong.
“With Asia’s emerging middle class projected to grow from 600 million today to 3 billion by 2035, the potential for services exports is significant,” Ciobo said yesterday.
“Hong Kong is an important trade and investment partner for Australia, in its own right and as a global hub for the movement of capital and goods between the mainland and the rest of the world.”
“An FTA with Hong Kong would complement our FTA with China and further integrate the Australian economy with Asia.”
Ciobo said: “Hong Kong is Australia’s leading business base in East Asia.”
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