ASEAN, Hong Kong Sign Free Trade Agreement
ASEAN, Hong Kong sign free trade agreement
The Association of Southeast Asian Nations (ASEAN) and Hong Kong recently signed the ASEAN-Hong Kong-China Free Trade Agreement (AHKFTA) and the ASEAN-Hong Kong Investment Agreement (AHKIA) at the 31st ASEAN-Hong Kong summit in Manila to strengthen economic cooperation and stimulate development in the region. AHKFTA is ASEAN’s sixth free trade agreement.
The agreements will create opportunities for micro, small and medium enterprises in the ASEAN countries to increase their presence in Hong Hong, a news agency report quoted Philippine trade and industry secretary Ramon Lopez as saying.
While AHKFTA comprises 14 chapters covering broad areas of market access liberalisation, trade facilitation, rules to promote confidence in trade, and co-operation aimed at facilitating trade in goods and services in the region, AHKIA complements the former by covering the protection, promotion and facilitation of investment.
ASEAN already has free trade agreements with China, South Korea, Japan, India, Australia and New Zealand.