Australia’s services and agriculture industries are the big winners from the recently sealed free trade agreement (FTA) with Hong Kong.
The new deal delivers zero tariffs for Australian exporters trading with Hong Kong – our sixth largest export market.
Agriculture Minister David Littleproud says the FTA provides certainty for Australian farmers.
Farmers exporting to Hong Kong have zero per cent tariffs locked in following the signing of the deal yesterday.
The FTA will also benefit farmers by providing modern trading rules on e-commerce, financial services, telecommunications, and intellectual property. It also supports international rules-based trade for food and beverages.
“Locking in zero tariffs and an open regulatory environment for agriculture exports will mean we can keep exporting our high-quality, world-class produce,” Mr Littleproud said.
The Australia-Hong Kong FTA is the 8th trade deal signed by the Coalition government.
Delivering extra rights
Trade Minister Simon Birmingham says the new deal will be of particular benefit to Australia’s services industry.
For those in professional services and other occupations who work and do business in Hong Kong, who do business in Hong Kong, it will deliver extra rights, he says.
“It's going to ensure that we have mutual recognition of standards around labelling and information.
“For example, if you're a boutique gin or whisky producer in Australia, you're going to find it much easier to be able to export into the Hong Kong market in the future.”
Large market for Australian agriculture
Australia’s two-way agricultural trade with Hong Kong is currently worth around $1.4 billion and will continue to grow.
“Fruit, wine, beef and veal and seafood are some of our most valuable exports and we now provide certainty to these industries,” said Minister Littleproud.
“Hong Kong is a large market for Australian agriculture and a major gateway for our producers into East Asia, so it’s also an avenue to tap into other markets.”
Australia’s most valuable exports to Hong Kong are fruit ($137 million), wine ($131 million), beef and veal ($105 million), and seafood ($126 million).