It complements Australia`s free trade agreement with China, which does not cover Hong Kong. 3.So, Hong Kong has signed four free trade agreements with the continent, New Zealand, the Member States of the European Free Trade Association (composed of Iceland, Liechtenstein, Norway and Switzerland) and Chile. We are currently negotiating free trade agreements with the Association of Southeast Asian Nations (ASEAN) (Note 2), Georgia and the Maldives and are discussing a closer economic partnership with Macau. 5.At end of 2015, Australia ranked sixth among foreign direct investment (FDI) destinations from Hong Kong (with a combined stock of HK135 billion). It also has significant investments in Hong Kong. In June 2016, 37 regional headquarters, 54 regional offices and 88 local offices were established by Australian companies in Hong Kong (Note 3). 13.Hong Kong is an investment centre. In 2015, our inflows and outflows took 2nd and 9th place in the world rankings (note 8). Hong Kong will strive to create a more favourable investment environment to facilitate reciprocal investment flows with Australia.
Late last year, Senator Birmingham also told the Senate that the Hong Kong agreement had „totally different conditions“ that „gave life to comply with the two separate systems in service.“ Information sheet on Hong Kong`s trade relations with Australia Note 1: A free trade agreement is an agreement between two or more economies that allows preferential access to the other country`s markets, removing or reducing tariffs and other restrictive measures in trade in goods and services, investment and other trade-related sectors between participating economies. Note 2: ASEAN includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. 3: Source: Department of Census and Statistics. Note 4: Non-tariff barriers are restrictive measures, other than tariffs, such as quotas, import certificate systems, health and plant health measures, technical barriers to trade, bans, etc. Note 5: These are the last average tariffs used in the World Trade Organization. Note 6: The „last substantial transformation“ test, when applied to industrial products that involve materials and/or multi-country/place transformations, generally refers to the manufacturing process (or processes) that has permanently and substantially changed the form, nature, shape or usefulness of the raw materials used in manufacturing. Note 7: National regulation and e-commerce may be among the issues. Note 8: Source: United Nations Conference on Trade and Development. Look: We invite an opinion on the rules of origin under the free trade agreement with Australia and on the implementation aspects of those rules. 2 Technical barriers to trade include technical rules, standards and compliance assessment procedures that may have a direct or indirect impact on merchandise trade. 7.It, the free trade agreement with Australia is expected to include, among other things, the following key elements: by the end of 2018, Australia ranked 8th among non-core direct investment with a portfolio of HK 119 billion, with a share of HK 39 billion.
The agreements are comprehensive and the quality commitments they have made, which include trade in goods, trade in services, investment, public procurement, intellectual property, competition, the dispute settlement mechanism and other related areas.