Press Release 2009
Hong Kong, New Zealand working on closer economic partnership
Tuesday, February 10, 2009
Hong Kong and New Zealand have agreed to resume negotiations on a Hong Kong and New Zealand Closer Economic Partnership Agreement (HK-NZ CEP Agreement), a Government spokesman said today (February 10).
A preparatory meeting will be held in Hong Kong in March to prepare for the resumed negotiations, the spokesman said.
New Zealand is an important trading partner of Hong Kong in the Asia Pacific region. Hong Kong and New Zealand both practise free trade and maintain a free and open economy. The two economies also share a common interest in the further liberalisation of world trade and the strengthening of the multilateral trading system.
“A HK-NZ CEP Agreement should provide Hong Kong businessmen with more and improved market opportunities in New Zealand, with benefits for Hong Kong in trade, income and employment,” the Government spokesman said.
Bilateral trade between Hong Kong and New Zealand has enjoyed consistent growth for years. Total bilateral merchandise trade between Hong Kong and New Zealand amounted to about HK$7 billion in 2007, a remarkable increase of 11% over 2006. The average annual growth rate in bilateral merchandise trade was 9.1% from 2003 to 2007.
Total bilateral trade in services amounted to almost HK$3 billion in 2006. The average annual growth rate for total trade in services from 2002 to 2006 was 11.1%, with a growth rate of 6.2% in 2006.
Hong Kong and New Zealand started negotiations on a CEP Agreement in 2001. Negotiations were suspended in 2002 due to some technical differences. Building on informal contacts since then, both sides have now reached agreement to resume formal talks, with the first round of meetings planned to be held in late April / early May 2009.
The CEP, when concluded, will encompass a wide-ranging scope, with emphasis on trade and investment liberalisation and facilitation, including:
- early elimination of tariffs on all goods of Hong Kong and New Zealand origin;
- a set of forward-looking rules of origin which could encourage bilateral trade;
- liberalisation of potentially distortive instruments in bilateral trade, such as safeguards, anti-dumping and subsidies measures;
- liberalisation and promotion of bilateral investment; and
- liberalisation of trade in services.
To facilitate Government in formulating Hong Kong's overall position in the resumed CEP negotiations, interested parties are invited to put forward their comments and views regarding the negotiations by March 15, 2009. Comments may be sent to the Trade and Industry Department by mail (Europe Division, 19/F Trade and Industry Department Tower, 700 Nathan Road, Kowloon), fax (2789 9761 / 2789 2491) or e-mail (fta@tid.gov.hk).
A consultation document is also available on the Trade and Industry Department's website: www.tid.gov.hk.
Ends