Elena's Movie Review Madness

Reviews from my 11-year old mind!

8.Hong Kong does not apply import duties. Australia`s average tariff is 2.5% (note 5). As part of the free trade agreement with Australia, we will agree on a rapid removal or reduction of tariffs on products originating in Hong Kong. On March 26, 2019, Hong Kong and Australia signed a free trade agreement (HKAFTA) and a complementary investment agreement (AI). After nearly two years of negotiations, Australia and Hong Kong have formalised their trade relations, previously governed by their WTO obligations. This is the first time that the two economies have implemented an independent free trade agreement – a decisive step in recognizing and implementing their long-standing bilateral relations, while establishing more economic ties and opportunities in the future. Faced with increased geopolitical risks and rising labour, land and labour costs… For example, wine products will be subject to stricter labelling procedures and more transparent regulation. While food regulators in both economies have been tasked with minimizing border delays. Bilateral market access and the general business environment have also been improved. Hong Kong is traditionally the gateway to mainland China and other Northeast Asian economies, and mainland China is Australia`s largest import and export trading partner. This common and complementary focus has been the basis of economic relations between Hong Kong and Australia – where investment, trade and trade relations have played an important role.

HKAFTA deals with trade in goods, services, investments, intellectual property, government procurement, competition and other related fields. It will cover bilateral trade of approximately AUD 18.8 billion ($13.2 billion) and is expected to play an important role in ensuring more market-friendly access and legal certainty between the two economies. The Hong Kong Special Administrative Region Government will seek to conclude a Free Trade Agreement (FTA) (Note 1) with Australia. In this regard, it invites interested parties to receive advice and suggestions to assist the government in formulating its strategies and positions. Under the HKAFTA, activity is facilitated by the rationality of procedures, while new forms of trade are reinforced by more transparent regulation. “Given recent global trade tensions, the recent Hong Kong-Australia Free Trade Agreement is an important step in Hong Kong`s bilateral trade relations with Australia,” Dwyer said. The government has made it clear that it will oppose the move, with Trade Minister Simon Birmingham saying the government has “no plans” to review the free trade agreement. The CBA was told that not all agreements that Australia has with Hong Kong are covered by the security and sanctions provisions of the new law. When Parliament returns, the Greens will try to capitalize on the great anger generated by the Chinese government`s crackdown on Hong Kong and insist that the Senate committee investigate the free trade agreement.

On January 17, 2020, the free trade agreement with Hong Kong came into force, which provides greater security for trade and investment activities between Australia and Hong Kong. “This new free trade agreement is likely to provide a boost in trade and services between Hong Kong and Australia and will help promote Hong Kong`s competitiveness as an investment objective,” said Paul Dwyer, Director of the Australian Desk and International Tax and Transfer Pricing at Dezan Shira Associates.

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