FTA between China's Hong Kong, 3 ASEAN nations to take effect in June

Source: Xinhua| 2019-05-09 19:02:32|Editor: Xiang Bo
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HONG KONG, May 9 (Xinhua) -- As part of the Free Trade Agreement (FTA) between Hong Kong and the Association of Southeast Asian Nations (ASEAN), tariff reduction and services market access between Hong Kong and three ASEAN members will come into force in June, the Hong Kong Special Administrative Region (SAR) government said Thursday.

The commitments made under the Hong Kong-ASEAN FTA concerning Myanmar, Singapore and Thailand will take effect on June 11, according to a HKSAR government spokesperson.

Upon the implementation, Singapore will be committed to binding all its customs duties at zero, while Myanmar and Thailand will progressively reduce and eliminate their customs duties on goods originating from Hong Kong.

The tariff reduction commitments cover different kinds of Hong Kong commodities including jewelery, articles of apparel and clothing accessories, watches and clocks, and toys.

On trade in services, Hong Kong service providers will enjoy better business opportunities and legal certainty in market access for a comprehensive range of services sectors.

The Hong Kong SAR and ASEAN signed the FTA and a related investment agreement in November 2017 on the sidelines of the 31st ASEAN summit in the Philippines.

The dates for the FTA's entry into force for the other seven ASEAN member states will be announced later as these countries are still in the process of ratifying the agreements.

ASEAN, established in 1967, groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.