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ASEAN, Hong Kong sign free trade, investment agreements

14 November 2017

The deputy prime minister also reiterated the Malaysian government's continued appreciation to the Chinese community in Malaysia.

The two-day summit themed, "Managing Global Uncertainty: Exploring New Opportunities", gathered government, business and academic and thought leaders here to commemorate and celebrate the 20th anniversary of the establishment of the Hong Kong Special Administrative Region and the signing of the ASEAN-Hong Kong FTA which would complement the China-ASEAN FTA.

The agreement covers tariff reductions for Hong Kong exports, as well as a dispute settlement mechanism.

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"A$3 strategic partnership between Asean and HKC (Hong Kong and China) would surely user in greater synergies and more job opportunities for people and businesses in the region", Lopez said.

Commerce Minister Pan Sorasak, who represented Cambodia during the Asean summit, said the benefits of the agreements for Cambodia will be manifold.

"This will open more opportunities for Asean as we ensure greater market access for our products and sustained flow of foreign direct investments (FDI)", Trade Secretary Ramon Lopez said.

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Lopez added that HKC (Hong Kong, China) is one of the word's leading trade powerhouses and the sixth largest trading partner of ASEAN.

Total merchandise trade between Hong Kong and Asean was valued at $107 billion previous year, while bilateral trade in services reached about $15.5 billion in 2015. A cooperation agreement between Hong Kong and China's National Development and Reform Commission is also in the works.

Ahmad Zahid arrives in Hong Kong yesterday for the 9th WCES, a premier worldwide event which aims to enhance the connectivity and business linkages between China and Asean.

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The leaders of the ten member-states of the ASEAN including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, and Vietnam along with dialogue partners Australia, Canada, China, European Council, India, Japan, New Zealand, Russia, South Korea, United States and the United Nations are now in Manila to attend the ASEAN summit.

ASEAN, Hong Kong sign free trade, investment agreements