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Hong Kong-Australia (A-HKFTA)
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On 17 January 2020, a new free trade agreement between Hong Kong and Australia entered into force. Hong Kong has the fifth largest source of total foreign investment for Australia, boasting a stock of $118.8 billion in 2018. Additionally, Hong Kong features the eleventh largest levels of total Australian investment, boasting $52 billion in 2018. The Agreement reaffirms the understanding that Hong Kong, a Special Administrative Region of China, operates on a ‘One Country, Two Systems’ basis.
The Australia-Hong Kong FTA strengthens Australia’s relations with one of its most significant trade and investment partners. The A-HKFTA will provide increased certainty for Australian service providers and investors. It will lock in continued access to the Hong Kong Market for Australian exporters of education, financial and professional services, as well as guarantee that Hong Kong will not apply tariffs to Australian goods in the future.
reciprocal elimination of import tariffs , giving certainty for Australian exporters that Hong Kong will continue to provide duty-free entry;
streamlined wine labelling requirements, with a commitment to improve transparency of regulations; and
a mechanism to enhance collaboration between regulators, and to facilitate speedy resolution should consignments of perishable goods be delayed at the border.
Australia’s Department of Foreign Affairs and Trade has created a guide to using A-HKFTA to export and import.
The Hong Kong Free Trade Agreement will provide many benefits for Australian businesses, including:
The mutual removal of import tariffs, providing certainty for Australian business and investors of a tariff-free future;
Secure continued access to the Hong Kong market for Australian exporters (including the education, financial, and professional services sectors); and
The promotion of investment into each other’s economies, including the creation of an Investor-State Dispute Settlement mechanism.
For more information or assistance please contact Department of Foreign Affairs and Trade:
Phone: +61 2 6261 1111 (within standard business hours)
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