On November 12, Hong Kong and ASEAN signed ASEAN-Hong Kong, the China Free Trade Agreement (AHKFTA) and the ASEAN-Hong Kong Investment Agreement (AHKIA). Earlier, Hong Kong and India agreed on November 10 on a double taxation agreement (DBAA) with India. Companies that use Hong Kong as a management, trade and supply hub for operations in China, Southeast Asia and India will benefit greatly from the new agreements, while Hong Kong as a whole will benefit from freer and more open trade throughout the region. The AHKFTA covers 14 chapters covering broad areas of market access liberalization, trade facilitation, rules to promote confidence in trade, and cooperation to facilitate trade in goods and services in the region. This is ASEAN`s sixth free trade agreement with external partners with China, Korea, Japan, India and Australia-New Zealand. You can find the agreements here. Under the AHKFTA, Hong Kong and Singapore grant duty-free access and bind their duties to zero upon entry into force of the agreement. Brunei Darussalam, Malaysia, Philippines and Thailand will remove tariffs on 85% of products traded with Hong Kong within ten years and further reduce 10% of customs lines in 14 years. Indonesia and Vietnam will eliminate tariffs on 75% of their products within ten years and will further reduce customs lines by 10% in 14 years. Meanwhile, Cambodia, the former Republic of Laos and Myanmar will remove tariffs on 65% of their products within 15 years and further reduce 20% of customs lines in 20 years.
Note: any customs union, common market, economic union, customs and monetary union, economic and monetary union is also a free trade area. Hong Kong serves as mainland China`s gateway and gateway for international trade and services in Asia and the world, including ASEAN. At present, more than 500 companies from ASEAN member countries are active in Hong Kong. The People`s Republic of China has concluded bilateral trade agreements with the following blocs, countries and their two special administrative regions: The AHKFTA and AHKIA contain provisions concerning trade in goods, trade in services, investment, economic and technical cooperation, dispute settlement mechanisms and other related areas. It is an opportunity for foreign trading partners and investors operating in Hong Kong, mainland China and ASEAN to develop and develop their trade and investment. Afghanistan has bilateral agreements with the following countries and blocs: The FTA toolkit allows for a comparative analysis of free trade agreements concluded side by side. . .