Hong Kong-ASEAN Free Trade Agreement, Investment Agreement to take effect for Philippines in May

Source: Xinhua| 2020-03-31 14:11:58|Editor: huaxia

HONG KONG, March 31 (Xinhua) -- The part relating to the Philippines under the Free Trade Agreement (FTA) and the Investment Agreement (IA) between China's Hong Kong Special Administrative Region (HKSAR) and the Association of Southeast Asian Nations (ASEAN) will take effect on May 12, the HKSAR government announced on Tuesday.

On trade in goods under the FTA, the Philippines will progressively eliminate and reduce customs duties on goods originating from Hong Kong. The tariff commitments made by the Philippines cover different kinds of Hong Kong commodities, including jewelry, articles of apparel and clothing accessories, watches and clocks and toys, said a spokesman of the HKSAR government.

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 in the Philippines under the FTA.

These include services sectors in which Hong Kong has traditional strengths or has potential for development, including business services, telecommunications services, construction and related engineering services, financial services, tourism and travel related services and transport services.

Under the IA, the Philippines will provide Hong Kong enterprises investing in its area with fair and equitable treatment of their investments, physical protection and security of their investments as well as the assurance of the free transfer of their investments and returns.

In case of expropriation or investment loss owing to war, armed conflict or similar event, the Philippines will also provide compensation to Hong Kong enterprises investing in its area according to the agreed standard as specified under the IA.

With the entry into force for the part relating to the Philippines, there will be a total of seven ASEAN member states for which both the FTA and the IA have taken effect.

The dates of entry into force for the remaining three ASEAN member states, Brunei, Cambodia and Indonesia, will be announced as soon as they are confirmed, said the spokesman.