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HK-ASEAN FTA, investment pact valid for Indonesia on Jul 4

05
Jun '20
Pic: Shutterstock
Pic: Shutterstock
The part relating to Indonesia under the free trade agreement (FTA) and the investment agreement (IA) between Hong Kong (HK) and the Association of Southeast Asian Nations (ASEAN) will enter into force on July 4, according to a Hong Kong government spokesman, who recently said Indonesia will progressively reduce and eliminate customs duties on goods originating from Hong Kong.

The tariff commitments made by Indonesia cover different kinds of Hong Kong commodities, including jewellery, apparel and clothing accessories.

To enjoy the preferential tariff treatment for exporting Hong Kong goods to Indonesia under the FTA, Hong Kong traders have to comply with the relevant preferential rules of origin and fulfil the related requirements, and to apply for certificates of origin from the Trade and Industry Department (TID) or government-approved certification organisations to cover the goods concerned, an official release said.

On trade in services, Hong Kong service providers will enjoy better business opportunities and legal certainty in market access for different services sectors in Indonesia under the FTA.

Under the IA, Indonesia 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, Indonesia will also provide compensation to Hong Kong enterprises investing in its area according to the agreed standard as specified under the IA.

With this development, there will be a total of eight ASEAN member states—Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam—for which both the FTA and the IA have entered into force.

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

Fibre2Fashion News Desk (DS)


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