The pacts, which needed nearly three years of talks, are expected to become effective on January 1, 2018, and help the two sides gain deeper and bolder access to each other’s market and intensify bilateral trade and investment.

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At the meeting. Photo: abs-cbn.com 

Hong Kong Secretary for Commerce and Economic Development Edward Yau said that the agreements would create new business opportunities, and enhance trade and investment flows for Hong Kong businesspeople.

“In the face of protectionist sentiments in other parts of the world, these two agreements are in fact a loud and clear vote from all of us here for freer and more open trade,” Yau said.

Meanwhile, Philippine Trade and Industry Secretary Ramon Lopez said that they would bring about more job opportunities for the region’s people and businesses, particularly small firms.

ASEAN and Hong Kong began their negotiations on the two pacts in July 2014 and completed them in September 2017.

ASEAN was Hong Kong’s second largest goods trade partner in 2016 and fourth services trade partner in 2015. Meanwhile, Hong Kong was the bloc’s sixth trade partner in 2016, with trade turnover hitting USD 107 billion, accounting for over 4 percent of the bloc’s total trade values.

Hong Kong’s direct investment in ASEAN reached USD 9.6 billion last year, making up 9.9 percent of the total FDI in the bloc.

Source: VNA