20Jul•Aug•Sep 2012In BiZ WithHong Kong SetsIts Sights onASEANThe special administrativeregion is keen to join theASEAN-China community.Charles Chua
Hong Kong is puttingmore focus on tieswith ASEAN as theregion has seen tremendousgrowth over the past few years.Today, ASEAN has becomeHong Kong’s second largesttrading partner, surpassing theEuropean Union.Hong Kong is also gearingup to join the ASEAN-ChinaFree Trade <strong>Area</strong> (ACFTA) andformally proposed this to theSecretariat of the Associationof South East Asian Nations(ASEAN) last November.ACFTA was realised on Jan 1,2010 and, today, over 89% oftotal tariff lines of the ASEAN-6(Brunei, Indonesia, Malaysia,Philippines, <strong>Singapore</strong> andThailand) and China are nowtraded duty-free.Hong Kong’s interest injoining ACFTA is driven by thefact that it is the world’s largestfree trade area by consumerTAKING CHARGEMr Fong NgaiDirector, Hong Kong Economicand Trade Office (ASEAN)● Joined the Hong Konggovernment as administrativeofficer in 1995 and wasappointed in 1998 as assistantdirector-general of theHong Kong Economic andTrade Office in London.● Joined the Home Affairs Bureauin late 2<strong>00</strong>1 to take charge ofthe arts and cultural policies,including preparatory work forthe development of the WestKowloon Cultural District.● Served as assistantcommissioner for labour.market size and the third largest interms of combined GDP.In addition, joining ACFTAwould not only enable HongKong to develop closer economiccooperation with its neighbours,but also contribute to trade creation,investment flow and furtherregional economic integration.This would be a win-win situationfor all parties concerned.Developing economic andtrade tiesMr Fong Ngai, Director of the HongKong Economic and Trade Office(ASEAN), or HKETO, said this iswhere the role of the office comes in.He joined HKETO last July and,before this appointment, servedas the assistant commissioner forlabour in the Government of theHong Kong Special AdministrativeRegion.The HKETO aims to furtherdevelop government-to-governmentrelations and liaise with relevantgovernment bodies, such as theMinistries of Foreign Affairs andCommerce.It also keeps track of majorgovernment policies, providesupdates on the latest politicaldevelopment in the region and helpsfacilitate visits by Hong Kong’ssenior officials to the region.Mr Fong said HKETO aimsto promote economic and tradecooperation and investmentbetween business communities inthe region which are looking tostart or expand their businesses inHong Kong or in mainland Chinavia Hong Kong.It also fosters bilateral relationsbetween Hong Kong and ASEAN,facilitating overseas investors to tapinto the opportunities offered bythe special administrative region’sstrategic position as an internationalfinancial centre and its developmentas China’s renminbi offshorebusiness centre.Hong Kong plays a strategic roleas the trade and logistics network inthe East Asia region, due to its roleas an international financial centre,a free port and logistics hub, as wellas a trade and business centre.Trading partnersASEAN IS HONG KONG’S2nd largestTRADING PARTNERAFTER CHINA.<strong>Singapore</strong>, Thailand, Malaysia,the Philippines, Vietnam andIndonesia are among theTOP 20INTEREST IN JOININGACFTAACFTA is world’s largest free tradearea by market size and the thirdlargest in terms of combined GDP.Becoming part of ACFTA wouldenable Hong Kong to develop closereconomic cooperation with itsneighbours, and contribute to tradecreation, investment flow and furthereconomic integration.ASEAN is Hong Kong’s secondlargest trading partner after China.<strong>Singapore</strong>, Thailand, Malaysia, thePhilippines, Vietnam and Indonesiaare among Hong Kong’s top 20trading partners.Hong Kong has signed free tradeagreements with other importanttrading partners, as well as 29agreements on avoidance of doubletaxation with other countries,including Brunei, Indonesia,Thailand and Vietnam, to pavethe way for further economiccooperation.In April, Malaysia and theHong Kong signed a DoubleTaxation Avoidance agreementthat would reduce taxes, avoiddouble taxing for residents in bothplaces and allow authorities toexchange taxpayers’ informationto prevent fiscal evasion.p.2221
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