Good spirits: Financial Secretary John Tsang (right) tours an exhibition booth at the Hong Kong International Wine & Spirits Fair.

Hong Kong is working with Mainland authorities to enhance the cross-boundary wine trade.

Opening the Hong Kong International Wine & Spirits Fair at the Convention & Exhibition Centre today, Financial Secretary John Tsang said Hong Kong has reached an agreement with Mainland authorities to streamline customs clearance for wine.

Mr Tsang said further measures are being discussed with the Mainland food safety department, and the Administration of Supervision, Inspection & Quarantine.

Hong Kong also plans to launch a scheme on accrediting storage facilities which meet required standards.

"Such an accreditation system is essential to preserving the value of fine wine as an investment asset. The scheme is expected to be rolled out by the end of this year and is likely to be the first of its kind anywhere," he said.

"We appear set to overtake London this year in becoming the second biggest centre for wine auctions behind New York."

Last year the value of Hong Kong wine imports jumped 80%, to $2.9 billion. In the first eight months of this year, imports amounted to $2.3 billion, up 42% year-on-year.

In the last two years, customs procedures for wine have been streamlined and Hong Kong has signed co-operation agreements with major wine-producing nations and regions around the world, Mr Tsang added.

This year's wine and spirits fair organised by the Trade Development Council has doubled in size. Five hundred exhibitors from 30 countries and regions are taking part.