Negotiations conclude on the Australia-Hong Kong FTA
Australia and Hong Kong haveconcluded negotiations on the Australia-Hong Kong Free Trade Agreement (FTA),marking a significant milestone in our already substantial trade and investmentrelationship.
The conclusion of the Agreementmeans Australia now has FTAs with seven of its top eight export markets forgoods and services.
Australian farmers, businesses,service suppliers and investors will benefit hugely from the certainty this FTAwill bring.
Through the Agreement Australiahas secured the best commitment on services that Hong Kong has ever offered inan FTA, with guaranteed certainty of access for Australian suppliers ofeducation, professional, financial, transport, construction, tourism andrecreational services.
It also delivers a guarantee toAustralian business that Hong Kong's relatively open services and investmentregime will continue with Australian investment in Hong Kong already totalling$47 billion.
Modern trading rules one-commerce, financial services, telecommunications, and intellectual propertywill also provide regulatory certainty for Australian businesses and theconfidence to make long-term investment decisions.
Hong Kong is also a large and vibrantmarket for Australian goods and services and is a major gateway for Australianproducers into East Asia. Last year exports of goods to Hong Kong by Australianbusinesses totalled $12 billion.
Under World Trade Organizationrules both Australia and Hong Kong have the capacity to increase tariffs butthis Agreement permanently locks in zero tariffs on all Australian exports toHong Kong, which is good news for our farmers, and in particular our seafoodindustry, our beef and pork producers and winemakers.
Australia now has an FTA withChina and Hong Kong, which reaffirms the value we place on the principle of onecountry, two systems.
Free trade deals such as thisone are part of the Liberal-National Government's plan to keep our economystrong which helps create more jobs for Australians.