Chile and Hong Kong’s free trade agreement (FTA) has been officially enforced as of 1 December.
The agreement was initially signed in September 2012 at the Apec Summit in Russia, and marks the first FTA for Hong Kong with a nation outside of Asia or Europe.
The agreement will see all import duties on Chilean produce eliminated and work to promote competition and streamline customs procedures. Chile will remove tariffs on 88 per cent of imports from Hong Kong, eliminating a further 10 per cent over the coming three years.
A separate agreement is set to be negotiated in order to boost bilateral investment opportunities, according to Hong Kong's Trade and Industry Department.
Chile leads the way in terms of market share of table grape and stonefruit imports into Hong Kong, accounting for 40 per cent and 63 per cent respectively, according to the International Trade Centre.
No comments yet