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ASEAN-Hong Kong, China Free Trade Agreement enters into force

Brunei Darussalam, Malaysia, the Philippines and Thailand will eliminate customs duties on 85% of products traded with Hong Kong within ten years and reduce another 10% of tariff lines within 14 years.

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ASEAN-Hong Kong, China Free Trade Agreement enters into force

JAKARTA, 11 June 2019 – The ASEAN – Hong Kong, China Free Trade Agreement (AHKFTA) enters into force today, 11 June 2019, for Hong Kong and five ASEAN Member States, namely, Lao PDR, Myanmar, Singapore, Thailand and Viet Nam.

Under the AHKFTA, Hong Kong and Singapore will grant tariff free access and will bind their customs duties at zero upon entry into force of the agreement. Brunei Darussalam, Malaysia, the Philippines and Thailand will eliminate customs duties on 85% of products traded with Hong Kong within ten years and reduce another 10% of tariff lines within 14 years.

Indonesia and Viet Nam will eliminate customs duties for 75% of their products within ten years, and reduce another 10% of tariff lines within 14 years. Meanwhile, Cambodia, Lao PDR and Myanmar will eliminate customs duties for 65% of their products within 15 years and reduce another 20% of tariff lines within 20 years.

“The entry into force of this FTA is a significant outcome that further enhances trade flows between ASEAN and Hong Kong,” said His Excellency Dato’ Lim Jock Hoi, the Secretary-General of ASEAN. “This is also reflective of ASEAN and Hong Kong’s support for a rules-based international trade system, and signals our commitment to strengthen trade and investment linkages among our nations,” His Excellency added.

The AHKFTA and ASEAN-Hong Kong, China Investment Agreement (AHKIA) were signed by ASEAN Economic Ministers and the Secretary for Commerce and Economic Development of Hong Kong on 12 November 2017 in Pasay City, Philippines.

The AHKIA is scheduled to enter into force on 17 June 2019 for Hong Kong and the five same ASEAN Member States. The remaining ASEAN Member States will complete their ratification processes for the AHKFTA and AHKIA this year.

The AHKFTA contains 14 chapters covering broad areas of market access liberalisation, trade facilitation, rules to promote confidence in trade, and cooperation aimed at facilitating trade in goods and services in the region. It is ASEAN’s sixth free trade agreement with external partners, after China, Korea, Japan, India, and Australia-New Zealand. The agreements can be found here.

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Employers should hire new workers based on their potential

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A Thailand representative office is essentially a branch of a foreign corporation

58 percent of employers have hired employees based on their potential, and 94 percent of them said their potential-based hires had become a valuable part of their teams. 

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Asean

ASEAN bucks record 155 billion USD FDI in 2018

The flow of foreign direct investment (FDI) into the 10 ASEAN countries has gone up for the third consecutive year, breaking a record 155 billion USD set in 2018.

Olivier Languepin

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Last year inflows to the ten-member Association of South East Asian Nations (ASEAN) were up 11.5%, from US$147 billion in 2017 to $155 billion in 2018, according to new UNCTAD research.

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Asean

Thailand to renegotiate GSP with US delegation at ASEAN Summit

The United States recently announced the cancellation of Generalized System of Preferences benefits, which used to allow 573 items exported from Thailand to the US to be exempt of import duties.

National News Bureau of Thailand

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Apart from resolutions to be made by ASEAN leaders at the ASEAN Summit in November, the Thai government will seek this opportunity to hold a talk with the U.S. regarding the decision to revoke the Generalized System of Preferences (GSP) treatment previously given to 573 Thai products.

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