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| No.1 February, 2011 |
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Hong Kong - New Zealand Closer Economic Partnership Agreement came into force |
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 The Hong Kong - New Zealand Closer Economic Partnership Agreement (CEP Agreement) came into force on January 1, 2011.
The CEP Agreement, signed on March 29, 2010, is Hong Kong's first free trade agreement (FTA) with a foreign economy. It covers a wide range of areas of mutual interest to Hong Kong and New Zealand, including liberalisation of trade in both goods and services.
Under the CEP Agreement, New Zealand will phase out its import tariffs over a six-year period on all goods originating in Hong Kong. Over 90% of New Zealand's tariff lines will become duty free within two years of the CEP Agreement coming into effect.
Hong Kong service providers and the services they provide will enjoy preferential opportunities in the New Zealand market in a variety of service sectors. These include logistics and related services, audiovisual services, various business services, computer and related services, maritime transport services, management consulting services, and services incidental to manufacturing.
There will not be any restrictions to market access in the form of limitations on foreign capital, number of service providers or operations, value of service transactions, number of persons employed, types of legal entity, or joint venture requirements within the New Zealand market.
Business people from the two economies, who fall into the business visitor, intra-corporate transferee, and installer or servicer categories in certain services sectors, will be granted temporary entry into Hong Kong and New Zealand under favourable conditions. The objective is to facilitate ease of movement for business people without compromising legitimate immigration controls.
The two sides have also agreed to negotiate an Investment Protocol to the CEP Agreement with a view to concluding investment negotiations within two years of the CEP Agreement coming into force. The aim is to further enhance bilateral investment flows.
Details of the CEP Agreement, including the entire text, can be accessed at the Hong Kong SAR Government's Trade and Industry Department website: www.tid.gov.hk/english/hknzcep. |
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