The Free Trade Agreement (FTA) with Hong Kong entered into force on 17 January 2020, which provides greater security for trade and investment between Australia and Hong Kong. 2 Technical barriers to trade include technical rules, standards and conformity assessment procedures which may directly or indirectly affect trade in goods. The agreements are comprehensive and of high quality and include trade in goods, trade in services, investment, government procurement, intellectual property, competition, dispute settlement mechanism and other related areas. They will provide Hong Kong traders and investors with legal certainty and more favourable access to the Australian market, while creating more business opportunities and improving trade and investment flows between Hong Kong and Australia. We also welcome comments and contributions on other issues related to trade in services (Note 7) with Australia. Australia is a valuable trading partner of Hong Kong. It was our 7th largest services trading partner in 2018, with a total services trade of HK$47 billion between the two parties and our 20th largest commodity trading partner in 2019, with a total of HK$50 billion. 10.Im as part of the negotiations for a free trade agreement, the two sides will try to agree on a set of simple and transparent rules of origin to facilitate trade in goods between Hong Kong and Australia. It is expected that both Parties will also develop arrangements for the implementation of the rules of origin, including documentation requirements for products justifying the duty of origin and preferential import duties. 11.Hong Kong`s main service sectors are import and export trade, wholesale trade and retail trade (22.7% of GDP in 2015); financing and insurance services (17.6%); public administration, social and personal services (17.5%); real estate, professional and business services (10.9%); transport, storage, mail and courier services (6.5%); and information and communication services (3.5%). 4. Australia is an important trading partner of Hong Kong. In terms of merchandise trade, Australia was Hong Kong`s 19th largest trading partner in 2016, with a total of HK$52 billion.
In 2015, Australia was Hong Kong`s 7th largest trading partner and bilateral trade in services amounted to HK$41 billion. Note 1: A free trade agreement is an agreement concluded by two or more economies that provides preferential reciprocal access to each other`s markets by eliminating or reducing tariffs and other restrictive measures in trade in goods and services, investment and other commercial sectors between the participating economies. Note 2: ASEAN includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, philippines, Singapore, Thailand and Vietnam. Note 3: Source: Census and Statistics Department. Note 4: Non-tariff barriers are non-tariff measures that are not customs duties such as quotas, import authorization systems, sanitary and phytosanitary measures, technical barriers to trade, prohibitions, etc. Note 5: These are the most recent tariffs on average, as available in the World Trade Organization. Note 6: The criterion of “last substantial transformation” refers, for the application, to finished products comprising several materials country/place and/or transformation, in general to the manufacturing process (or processing processes) which has permanently and substantially altered the form, type, form or utility of the raw materials used in the manufacture. Note 7: Related issues may include, inter alia, national regulation and electronic commerce. Note 8: Source: United Nations Conference on Trade and Development. This free trade agreement turns the page on economic relations between Australia and Hong Kong. The trade deal gives Australian companies more security for trade and investment activities in Hong Kong….