ASEAN signs free trade, investment pacts with Hong Kong

The agreements are expected to come into effect by January 2019 and are expected to benefit Hong Kong. Hong Kong was ASEAN’s 6th largest trading partner in 2016, while ASEAN was Hong Kong’s 2nd largest trading partner.

Merchandise trade between Singapore and Hong Kong in 2016 was valued at US$93.3 billion, a 1.3% increase from US$92.1 billion in 2015. Total foreign direct investment flows from Hong Kong to ASEAN amounted to US$9.9 billion, up from US$4.1 billion in 2015.

Meanwhile, Ministerial Meeting of Preparatory Regional Comprehensive Economic Partnership (RCEP), an FTA under negotiation among the 10 ASEAN countries and China, South Korea, Japan, Australia, New Zealand and India which the organisation has existing agreements with, has made progress.