Avas | 8 May 2016
Maldives, Hong Kong to establish free trade agreements
Negotiations are underway to establish a free trade agreement between Maldives and Hong Kong.
Hong Kong’s 7th Space Interactive quoted Government spokesperson stating that " Georgia and Maldives are emerging markets with potential for further growth. Forging FTAs with these two economies has strategic value for Hong Kong. These FTAs, once signed, will help expand Hong Kong’s FTA network into the respective regions including Eurasia."
The two FTAs with Georgia and Maldives would likely cover, among others, the following key elements:
elimination or reduction of tariffs;
liberalisation of non-tariff barriers;
flexible disciplines on rules of origin which would facilitate bilateral trade;
customs facilitation procedures;
liberalisation as well as promotion and protection of investment;
liberalisation of trade in services; and
the legal and institutional arrangement and dispute settlement mechanism for the FTA
The detailed documentation have been published on the Trade and Industries Department website.
In 2015, Hong Kong’s bilateral merchandise trade with Maldives amounted to $276 million.
So far, Hong Kong has signed four FTAs respectively with the Mainland, New Zealand, the Member States of the European Free Trade Association (comprising Iceland, Liechtenstein, Norway and Switzerland), and Chile.