Logo of Phnom Penh Post newspaper Phnom Penh Post - Asean to ink FTA with Hong Kong

Asean to ink FTA with Hong Kong

Asean to ink FTA with Hong Kong

The 10-member Association of Southeast Asian Nations (Asean) is set to sign a free trade agreement (FTA) with Hong Kong following three years of negotiations, according to a Ministry of Commerce official who said the agreement could spur more investment and expand trade with the bloc’s second-largest trading partner after mainland China.

Commerce Ministry spokeswoman Soeng Sophary said yesterday that the long-awaited FTA between Asean and Hong Kong would be signed in November when the Philippines hosts the next Asean Summit.

The Asean-HKC Free Trade Agreement comes more than seven years after a similar agreement between Asean and Mainland China came into effect.

Sophary explained that separate FTA negotiations were needed because Hong Kong was a British colony until 1997, when it was handed over to China as a special administrative region that will operate semi-autonomously until 2047.

“Trade agreements always come with benefits,” she said. “Even though Hong Kong is part of China, its economy and trade still has huge growth potential while it continues to operate under the British system of law.”

“We hope that with Cambodia being an Asean member, the agreement will increase investment from Hong Kong as we have a lot of investment potential,” she added.

Trade between Hong Kong and Asean totalled $106.8 billion last year. Direct trade to Cambodia amounted to $1.1 billion in 2016, with $900 million in imports flowing into the Kingdom against $267 million worth of exports.

MOST VIEWED

  • Proof giants walked among us humans?

    For years a debate has waged about whether certain bas relief carvings at the 12th-century To Prohm Temple, one of the most popular attractions at the Angkor Wat Temple Complex in Siem Reap province, depicted dinosaurs or some rather less exotic and more contemporary animal,

  • Japan bank buys major stake in ANZ Royal Bank

    Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group. Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank. According to a Royal Group

  • Long way to go before Cambodia gets a ‘smart city’

    Phnom Penh, Siem Reap and Battambang will struggle to attain smart city status without adopting far reaching master plans, according to officials tasked with implementing the program. The brainchild of the Association of Southeast Asian Nations (Asean), the smart city program seeks to link up

  • China-Cambodia tourism forum held

    The Cambodian tourism sector must be prepared to welcome a growing number of Chinese tourists, as they lead the globe in the number of outbound travellers and were responsible for the most visitors to the Kingdom last year, the country’s tourism minister said on