Hong Kong and Australia today signed a Free Trade Agreement and an Investment Agreement. 

The pacts were signed by Secretary for Commerce & Economic Development Edward Yau and Australian Minister for Trade, Tourism & Investment Simon Birmingham in Sydney. 

The deals cover trade in goods, trade in services, investment, intellectual property, government procurement, competition and other related areas, providing Hong Kong traders and investors with legal certainty and more favourable access to the Australian market while creating more business opportunities and enhancing trade and investment flows between the two places. 

Mr Yau hailed the free trade agreement as a high-quality deal that reflects the aspiration of both economies, particularly those in the investment, trading and professional services. 

“The document actually includes ways and means to improve the market access into our mutual markets. It provides opportunity for professional services to exchange talent and also create new opportunities for others." 

He added the commitment made by both places to each other far exceeds their World Trade Organization commitments.

Under both agreements, Hong Kong-originating goods can enter Australia tariff-free and via simplified procedures.

In some 140 services sectors, Hong Kong service providers can enjoy market access and treatment no less favourable than Australia's local service providers under like circumstances. Australia has also committed to liberalising full range of its arbitration, conciliation and mediation services and certain rail transport services. 

The free trade agreement with Australia is the fourth such pact the current-term Government has signed with its trading partners since taking office in July 2017. 

Together with the investment agreement, it will take effect after Hong Kong and Australia have completed their respective internal procedures.