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Hong Kong's Director of Commerce and Economic Development Qiu Tenghua said Tuesday that the two agreements signed by the government and Australia, the Free Trade Agreement and the Investment Agreement, cover a wide range of areas. The commitments made by the two sides far exceed their respective commitments made in the World Trade Organization (WTO), and will greatly enhance confidence in a rule-based Trading system.
Hong Kong and Australia began negotiations on the two agreements in May 2017 and concluded in November 2018. Qiu Tenghua and Australian Minister of Trade, Tourism and Investment Birmingham signed two agreements in Sydney, Australia today. The two agreements will enter into force after Hong Kong and Australia have completed their respective internal procedures.
The Hong Kong Government describes the two agreements as comprehensive, covering trade in goods, trade in services, investment, intellectual property rights, government procurement, competition and other related areas. They are high-quality and modern free trade agreements that provide legal protection and better conditions for Hong Kong businesses and investors to enter the Australian market, while creating more business opportunities and enhancing trade between the two places. Easy and investment contacts.
"The commitments made by both sides far exceed the commitments made by each other in the World Trade Organization, so that goods, services and investments of both sides can enter each other's market on more favourable terms." "In the current uncertain global economic and trade environment, the two bilateral agreements provide highly transparent and predictable trade and investment conditions, greatly enhancing confidence in a rule-based trading system," Qiu said.

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