ASEAN, Hong Kong to ink FTA late 2017

BANGKOK, August 1 (TNA) - The Association of Southeast Asian Nations (ASEAN) and Hong Kong will sign a free trade agreement (FTA), the 6th of its kind between the 10-nation bloc and its dialogue partners since 2009. Ronnarong Poolpipat, Deputy Director-General of the Department of Trade Negotiations, under the Thai Ministry of Commerce, told journalists of the information on Tuesday, noting that ASEAN and Hong Kong concluded their three-year-negotiations on the FTA during their recent 10th round of talks, hosted by Thailand during July 30-31. Ronnarong said that ASEAN and Hong Kong will jointly declare their success in the concluded FTA at the upcoming 2nd ASEAN-Hong Kong Ministerial Meeting next month. Ronnarong revealed that ASEAN and Hong Kong will sign the new AHKFTA during the 31st ASEAN Summit and related forums, to be hosted by the Philippines in November 2017. According to the senior official, the new FTA will mutually benefit both ASEAN and Hong Kong in terms of reduced tariffs, while Hong Kong will also become a major gateway for ASEAN to China, as over 1,800 items of exported products to the immense Chinese market from Hong Kong will be tariff-free, or zero per cent tariff. Besides, the new AHKFTA will boost trade in services between ASEAN and the business island, especially in the financial, logistics and legal sectors. The senior official acknowledged Hong Kong has also agreed that all its items of products will be obliged under the new AHKFTA, whereas not all items of products of the business island have been obliged under the Geneva-based World Trade Organization (WTO). The senior official stated that Hong Kong has agreed as well to provide a financial support of 25 million Hong Kong dollars for projects under the AHKFTA over the next five years after the new FTA takes effect, covering those on logistics and e-commerce. (TNA)