Talks begin on HK-Australia free trade pactLocal | 16 May 2017 11:37 am
Tariff cuts and a reduction of non-tariff barriers will be part of a talks that began today aimed at forging a free trade agreement between Hong Kong and Australia.
The Secretary for Commerce and Economic Development, Gregory So Kam-Leung, together with the Minister for Trade, Tourism and Investment of Australia, Steven Ciobo, announced the launch of negotiations.
Australia was was Hong Kong's seventh largest trading partner in 2015, with trade worth HK$41 billion. In terms of merchandise trade, it was Hong Kong's 19th largest trading partner last year, with value amounting to HK$52 billion. At the end of 2015, Australia was Hong Kong's sixth major destination of foreign direct investment of HK$135 billion.
Billionaire Li Ka-shing is one of the leading Hong Kong investors in Australia. Last month a group led by Cheung Kong Infrastructure Holdings acquired Australian power company Duet Group, in a US$5.6 billion deal.-The Standard