Fine wine: New Zealand's Trade Minister and Associate Foreign Affairs Minister Tim Groser shakes hands with Secretary for Commerce & Economic Development Rita Lau after signing an arrangement on co-operation in wine-related business, while Finance Secretary John Tsang looks on.

Secretary for Commerce & Economic Development Rita Lau today signed an arrangement on co-operation in wine-related business with New Zealand's Trade Minister and Associate Foreign Affairs Minister Tim Groser, helping to bolster Hong Kong's development as a regional wine trading and distribution hub. 

Mrs Lau said New Zealand was Hong Kong's 10th largest source of wine imports. The signing of the co-operation arrangement would benefit the economies of both Hong Kong and New Zealand.

"The arrangement will fortify Hong Kong's development as a regional hub for wine trading and distribution and at the same time, enhance our role as an efficient and reliable avenue for New Zealand to grow its wine exports to the Mainland and throughout East Asia," she said.

Both places have agreed to strengthen co-operation in the promotion of wine-related trading, investment, tourism and education and in the fight against counterfeit wine. They will also share trade-related information to facilitate trade and business promotion activities, share information and experience on sustainably produced wines in New Zealand, and step up co-operation in international organisations where both Hong Kong and New Zealand participate.

The conclusion of the arrangement was well timed, Mrs Lau noted, as Hong Kong would hold its first Wine & Dine Festival from October 30 to November 8 and its second International Wine & Spirits Fair next week.

"The Wine & Dine Festival is an important milestone in Hong Kong's efforts to develop the wine and dine industries," she said. The festival, the first in Hong Kong, will give people the chance to taste wines from around the world and also pair wine and food along the West Kowloon harbourfront.

"Building on the success of last year's International Wine & Spirits Fair, the second edition of the event next week will be even bigger with double the number of exhibitors compared to 2008," she said.

Hong Kong became the first free wine port among major economies when the Financial Secretary eliminated wine duties in his Budget last year. In the year ending March 2009, the value of wine imports into Hong Kong had increased 80%, to $3.198 billion year-on-year. A total of 10 wine auctions have been held this year, and companies are expanding their storage facilities and trading and distribution businesses here.

The Government has already signed wine co-operation agreements with France, Bordeaux of France, Spain, Australia, Italy and Hungary. It is also pursuing other measures to support Hong Kong's development as a regional wine trading and distribution hub, including customs facilitation, trade and investment promotion, manpower training and education, and combating counterfeits.