The agreement with Hong Kong does not require certification for access to preferential rates in Australia. However, importers must note that they have written confirmation that the products in question comply with the applicable rules of origin. It may be advisable to obtain an origin declaration from the exporter or producer to support the use of the free trade agreement to reduce or eliminate tariffs. HKAFTA aims to protect many of the liberal trade policies currently being pursued by Hong Kong and Australia and commits both economies to remove all tariffs. This will make it easier for producers, suppliers and businesses. Note 1: A free trade agreement is an agreement concluded by two or more economies that provides preferential reciprocal access to each other`s markets by eliminating or reducing tariffs and other restrictive measures in trade in goods and services, investment and other commercial sectors between the participating economies. Note 2: ASEAN includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, philippines, Singapore, Thailand and Vietnam. Note 3: Source: Census and Statistics Department. Note 4: Non-tariff barriers are non-tariff measures that are not customs duties such as quotas, import authorization systems, sanitary and phytosanitary measures, technical barriers to trade, prohibitions, etc.
Note 5: These are the most recent tariffs on average, as available in the World Trade Organization. Note 6: The criterion of “last substantial transformation” refers, for the application, to finished products comprising several materials country/place and/or transformation, in general to the manufacturing process (or processing processes) which has permanently and substantially altered the form, type, form or utility of the raw materials used in the manufacture. Note 7: Related issues may include, inter alia, national regulation and electronic commerce. Note 8: Source: United Nations Conference on Trade and Development. According to the Australian government, the A-HKFTA will provide greater trade security for Australia`s bilateral trade with Hong Kong, by setting zero tariffs on goods exported to Hong Kong and improving market access for Australian services. Hong Kong and Australia will both follow existing domestic contractual processes in order to fully ratify the agreements. the requirement that transfers of investment-related assets can be made freely and without delay. On March 26, 2019, the Minister of Trade, Tourism and Investment, Senator Simon Birmingham and his Hong Kong counterpart for Trade and Economic Development Edward Yau, signed in Sydney the Australia-Hong Kong, China Free Trade Agreement (A-HKFTA) and the accompanying Investment Agreement. . . .