HKSAR signs FTA amendment protocol with ASEAN to boost trade

10 Jan '24

1 min read

Pic: Adobe Stock

Insights

Hong Kong recently signed the first protocol to amend its free trade agreement with the ASEAN to update the product-specific rules of origin, enhancing the coverage from more than 200 product categories to almost 600.
Hong Kong businesses will be allowed to more easily and effectively gain Hong Kong-originating status for more number of specified products.

The Hong Kong Special Administrative Region (HKSAR) recently signed the first protocol to amend its free trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN) to update the product-specific rules (PSR) of origin, enhancing the coverage of the PSR from more than 200 categories of products to almost 600.

The specified products incorporated into the FTA through the protocol include various categories of products of interest to Hong Kong traders and manufacturers. These include textile products.

Hong Kong businesses will be allowed to more easily and effectively gain Hong Kong-originating status for more number of specified products, and thus enjoy preferential tariff treatment when expanding into the growing ASEAN market, a Chinese-state controlled news outlet reported.

ASEAN is Hong Kong's second-largest trading partner in merchandise trade with a total trade volume of around $165.5 billion in 2022, representing a growth of over 38 per cent since the signing of the FTA in 2017.

Fibre2Fashion News Desk (DS)

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