Two trade deals between Hong Kong, China and ASEAN to be signed November
Trade and Industry Undersecretary Ceferino Rodolfo said Saturday two trade deals between the Association of Southeast Asian Nations (ASEAN) and Hong Kong, China will be signed in November.
These are the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA) and ASEAN-Hong Kong, China Investment Agreement (AHKIA).
“The second ASEAN Economic Ministers’ (AEM) Hong Kong China meeting started on a high note with the announcement of the conclusion of the ASEAN Hong Kong China free trade agreement or AHKFTA and the ASEAN Hong Kong China investment agreement or the AHKIA”, Rodolfo said in a press briefing.
Ten economic ministers from the ASEAN member countries with Trade and Industry Secretary Ramon Lopez and Hong Kong, China Secretary for Commerce and Economic Development Edward Yau Tang-wah met Saturday morning in Pasay City.
Rodolfo said the AHKFTA and the AHKIA will be the first agreements signed by ASEAN for a period of eight years. It will be signed on November during the 31st ASEAN Summit to be held in Pampanga.
“These agreements would level up our already vibrant trade and investments relations as this would mean increased market access for Filipino exporters”, Rodolfo said.
The AHKFTA will include the chapter on Economic and Technical Co-operation (ECOTECH). It will be implemented through ECOTECH Work Programme after the two agreements were signed, the ASEAN joint media statement said.
“Deepened cooperation will also be enabled through the endorsement of the Economic and Technological (ECOTECH) Work Programme under the AHKFTA. This will provide opportunities for our MSMEs (Micro, Small & Medium Enterprises ) to work together through capacity building exercises information sharing, and internship programs, among others”, ”, Rodolfo said.
Hong Kong and China is the sixth largest trading partner of ASEAN last year with total bilateral merchandise trade of $93.3 billion from the ASEAN total trade. Foreign direct investment (FDI) flows were $ 9.6 billion from the ASEAN, a joint media statement said. Alanna Ambi/DMS