On behalf of CPA Australia, I acknowledge the successful passage of the Free Trade Agreement legislation between Australia and Hong Kong.
The Australia Hong Kong Free Trade Agreement (AHKFTA) will further strengthen the economic and commercial ties between these two markets.
It will also provide support for Australian businesses to use Hong Kong as a launching pad to access the Greater Bay area and other regional markets, giving them a competitive advantage.
Encouraging international trade by removing impediments is very positive for Australian businesses and Australian jobs.
It will enable continued access to the Hong Kong market for Australian exporters of education, financial and professional services.
The AHKFTA will also ensure that Hong Kong will not apply tariffs to Australian goods exports in the future.
Australia/Hong Kong trade facts:
Hong Kong is an important trading partner with Australia. According to the Department of Foreign Affairs and Trade (DFAT):
· total two-way trade in goods and services was worth $17.8 billion in 2018.
· in 2018 Australia’s merchandise exports to Hong Kong were around $10 billion in value, and services exports were $3.0 billion.
· Hong Kong is Australia’s fifth largest source of total foreign investment, with inbound investment totalling $118.8 outbound investment of $52 billion at the end of 2018
About CPA Australia
CPA Australia is one of the world’s largest accounting bodies, with more than 164,000 members working in 150 countries and regions and supported by 19 offices globally. Our core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the community. Visit our website: www.cpaaustralia.com.au
