The Hong Kong Free Trade Agreement did not enter into force until January of this year and is separate from Australia`s free trade agreement with China in 2015. When Parliament returns, the Greens will try to capitalize on the great anger generated by the Chinese government`s crackdown on Hong Kong and insist that the Senate committee investigate the free trade agreement. 2 Technical barriers to trade include technical rules, standards and compliance assessment procedures that may have a direct or indirect impact on merchandise trade. 4.Australia is an important trading partner of Hong Kong. In terms of merchandise trade, Australia was Hong Kong`s 19th largest trading partner in 2016, with total bilateral trade amounting to HK 52 billion. In 2015, Australia was Hong Kong`s largest trading partner in the services sector and bilateral trade in services amounted to HK 41 billion. On January 17, 2020, the free trade agreement with Hong Kong came into force, which provides greater security for trade and investment activities between Australia and Hong Kong. Australia is a valuable trading partner of Hong Kong. It was ours 7. the largest trading service partner in 2018, with total services trade between the two parties of HK 47 billion and our 20th largest merchandise trading partner in 2019, with a total of HK 50 billion. Late last year, Senator Birmingham also told the Senate that the Hong Kong agreement had “totally different conditions” that “gave life to comply with the two separate systems in service.” Note 1: A free trade agreement is an agreement between two or more economies that provide preferential access to the other country`s markets by removing or reducing tariffs and other restrictive measures in trade in goods and services, investment and other trade-related sectors between participating economies. Note 2: ASEAN includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. 3: Source: Department of Census and Statistics.
Note 4: Non-tariff barriers are restrictive measures, other than tariffs, such as quotas, import certificate systems, health and plant health measures, technical barriers to trade, bans, etc. Note 5: These are the last average tariffs used in the World Trade Organization. Note 6: The “last substantial transformation” test, when applied to industrial products that involve materials and/or multi-country/place transformations, generally refers to the manufacturing process (or processes) that has permanently and substantially changed the form, nature, shape or usefulness of the raw materials used in manufacturing. Note 7: National regulation and e-commerce may be among the issues. Note 8: Source: United Nations Conference on Trade and Development. 10.Im as part of the free trade negotiations, the two sides will seek to agree on a series of simple and transparent rules of origin to facilitate trade in goods between Hong Kong and Australia. It is expected that both parties will also specify the implementation of the rules of origin, including documentation requirements for products justifying the original right and preferential import duties. This free trade agreement will open a new chapter in australia-Hong Kong economic relations. The trade agreement gives Australian companies more security for business and investment activities in Hong Kong. It also reaffirms the importance Australia attaches to Hong Kong`s high degree of autonomy through the “One Country, Two Systems” framework. The government has made it clear that it will oppose the move, with Trade Minister Simon Birmingham saying the government has “no plans” to review the free trade agreement.
But international law expert Donald Rothwell told the CBA that the government`s legal justification called into question