 |
| No.8 November, 2009 |
|
| |
|
| |
HK and NZ conclude trade talks |
|
| |
|
|
| |
Hong Kong and New Zealand have concluded negotiations on a Hong Kong and New Zealand Closer Economic Partnership Agreement (CEP Agreement). Both sides will proceed to the legal verification and domestic approval processes, with the target of formally signing the Agreement in the first half of 2010.
The Chief Executive, Mr Donald Tsang, and the Prime Minister of New Zealand, Mr John Key, on 13 November jointly announced the conclusion of the CEP negotiations on the margins of the Asia Pacific Economic Cooperation Economic Leaders Meeting in Singapore.
|
|
| |
|
|
| |
"This is an impressive achievement, particularly that it has only been seven months since both economies have made a joint commitment to advance the CEP talks in April at the Boao Forum," a Government spokesman said.
"The high quality and comprehensive Agreement also signals to the world our strong support for open markets and trade liberalisation, which is a booster for all at this time when the global economic outlook remains uncertain."
With the conclusion of the CEP negotiations, bilateral trade relations between Hong Kong, China and New Zealand have taken a further significant step.
"We hope that the CEP will act as a platform to help pave the way forward for shared economic growth and carry trade and investment linkages to a new level.
"This is a landmark achievement. The Agreement will be Hong Kong's first free trade agreement with a foreign economy," the spokesman added.
New Zealand is an important trading partner of Hong Kong in the Asia Pacific region. As a services oriented economy, Hong Kong will particularly benefit from services liberalisation measures under the Agreement. The Agreement will provide Hong Kong exporters with enhanced market access to the New Zealand market, promote investment flows, and bring about multiple benefits to both economies.
Bilateral trade between Hong Kong and New Zealand has been growing steadily for years. Total bilateral merchandise trade amounted to about HK$7.5 billion in 2008. The average annual growth rate in bilateral merchandise trade was 7% from 2004 to 2008.
Total bilateral trade in services amounted to over HK$3 billion in 2007. The average annual growth rate for total trade in services from 2003 to 2007 was about 11%.
|
|
| |
|
|
|
| |
 |
|
|
| |
|
|
|
| |
|
|
|
|
|
