HK-ASEAN Pact To Take Effect

The commitments relating to Hong Kong and the Philippines, an Association of Southeast Asian Nations (ASEAN) member state, under the trade and investment agreements between Hong Kong and ASEAN will enter into force on May 12.

Tariff reduction commitments under the Free Trade Agreement cover various kinds of Hong Kong commodities, including jewellery, apparel and clothing accessories, watches and clocks, and toys.

Hong Kong service providers will enjoy better business opportunities and legal certainty in market access for a comprehensive range of services sectors in the Philippines, such as business and telecommunications services that have traditional strengths or potential for development.

Upon the Investment Agreement’s implementation, the Philippines will provide Hong Kong enterprises investing in its area with fair and equitable treatment of their investments, physical protection and security of their investments, and the assurance on the free transfer of their investments and returns.

So far, the commitments relating to the six ASEAN member states of Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam have taken effect.

The dates of entry into force for the remaining three ASEAN member states of Brunei Darussalam, Cambodia and Indonesia, will be announced as soon as they are confirmed.