Australia, Hong Kong set for negotiations on FTA

CANBERRA – Australia and Hong Kong are set to hold their first round of negotiations to secure a Free Trade Agreement in Canberra this month. Australia’s Minister for International Development and the Pacific, Senator Concetta Fierravanti-Wells, says an FTA with Hong Kong will create new export opportunities for local service providers.

“This will be a very modern FTA focused on securing access for our service providers in areas such as education, law, finance, tourism, construction services, energy and mining-related services, transport and other professional services," she said.
Australia’s services exports to Hong Kong increased by 50 per cent in the last five years to reach AUD2.4 billion in 2015-16.
“Services make up about 70 per cent of our economy and employ four out of five Australians, but account for just over 20 per cent of total exports.  “With Asia’s emerging middle class projected to grow from 600 million today to 3 billion by 2035, the potential for services exports is significant.”
Hong Kong was Australia's eighth largest export market, worth $11 billion last financial year. Overall Hong Kong was Australia’s 12th largest trading partner, with total two-way trade in goods and services worth $15.3 billion (ATI).