Hanoi (VNA) – The Association of Southeast Asian Nations (ASEAN) andChina’s Hong Kong on September 9 announced the conclusion of their negotiationson a Free Trade Agreement (FTA) and a related Investment Agreement.
Theannouncement was made at the second ASEAN Economic Ministers-Hong Kong, ChinaConsultations (AEM-HKC) in Pasay city, the Philippines.
HongKong’s Secretary for Commerce and Economic Development Edward Yau said that thetwo agreements will be signed in November this year.
Theagreements are comprehensive in scope and the commitments therein are of value,encompassing trade in goods, trade in services, investment, economic andtechnical co-operation and dispute settlement mechanisms, he added.
Accordingto him, ASEAN is a very important trade partner of Hong Kong. The bloc was thesecond largest partner in terms of trade turnover in 2016, and the fourthlargest in services trade in 2015.
Lastyear, the total trade turnover between Hong Kong and ASEAN amounted to 833billion HKD (106.6 billion USD), while total services trade was 121 billion HKD(15.4 billion USD) in 2015.
Oninvestment, as at the end of 2015, ASEAN ranked sixth among Hong Kong’sdestinations of outward direct investment, with a stock of 218 billion HKD(27.9 billion USD), and it ranked sixth among Hong Kong’s sources of inwarddirect investment, with a stock of 555 billion HKD (71.1 billion USD).-VNA