Effective Exchange Rate Index
The effective exchange rate index for the Hong Kong dollar on Friday, March 29, 2019 is 103.4 (same as yesterday’s index). read more
The effective exchange rate index for the Hong Kong dollar on Friday, March 29, 2019 is 103.4 (same as yesterday’s index). read more
Following is the speech by the Director-General of Trade and Industry, Ms Salina Yan, at a breakfast event organised by the Australian Chamber of Commerce in Hong Kong today (March 29):
I must thank the Australian Chamber of Commerce (Hong Kong) for organising this breakfast event so soon following the signing of the Free Trade Agreement (FTA) and Investment Agreement (IA) between Hong Kong and Australia on Tuesday (March 26) in Sydney. To the theme of the sharing today – “What the FTA and IA mean for businesses”, I would venture three key points from the Hong Kong perspective as a matter of introduction.
I. Legal and Policy Certainties
Businesses are natural risk takers but, understandably, you need a stable environment with predictable and transparent rules and policies to manage risks. The FTA and the new IA are legal documents binding the two governments in respect of the market access commitments made and associated rules contained therein. For Hong Kong, a strong legal backing can be found in Articles 116 and 151 of the Basic Law which provide that, using the name Hong Kong, China, we can participate in international organisations and conclude and implement trade and other agreements with our trading partners. At a deeper level, being two ardent free trade advocates, Hong Kong and Australia see very much eye to eye on the importance of bringing down tariffs, keeping open our services sectors, cutting red tape and providing the necessary protection to investors and investments in modern terms. You will find all these elements in the two agreements which send a strong message for free and open trade and investment against the prevailing choppy international trade waters. This brings me to my second point.
II. World Trade Organization (WTO) Consistent and WTO Plus Commitments
Not only is the FTA WTO compliant, it goes above the commitments Hong Kong and Australia have made under the WTO. In the goods area, we will bind all our tariffs at zero for each other on Day One of implementation. And in the true spirit of trade facilitation, we will put in place simple self-declaration of origin procedures for exporters, producers and importers to claim the zero import tariff, backed up by more risk-based checks. In terms of trade in services, Hong Kong and Australia service providers will be able to enjoy WTO-plus commitments in respect of access to each other’s market and treatment no less favourable than local service providers. For Hong Kong, we will benefit from the specific commitments Australia has made in some 140 services sectors including professional services, IT, telecommunications, transport services, financial services, etc. These represent 40 per cent more sectors than those Australia has committed under WTO, and over 60 per cent of the sectors covered by existing WTO commitments will see improvements. Apparently, Hong Kong is one of the only two economies which enjoy Australia’s FTA market access commitments in arbitration, conciliation and mediation services as well as rail passenger transport services. I am happy to say that Hong Kong has also made comparable high quality commitments in a wide range of service sectors, many of which are of particular interest to Australia.
III. Substantive Business Opportunities
We believe that substantive business opportunities will be brought by these two high quality and comprehensive agreements. In the goods area, with zero tariffs and trade facilitation measures, we look forward to increased bilateral trade flow. Using 2017 figures, we estimate that some HK$16 million in tariff expenditure will be saved annually. I have talked earlier about services. We do not stop at preserving the status quo. Thanks to our hard-working and highly professional negotiators, the two sides have agreed on dedicated and forward-looking disciplines in the specific realm of the next-generation economic growth points. On electronic commerce, for instance, we agree not to impose customs duties (tariffs) on all electronic transmissions, and have included other provisions to facilitate e-commerce. On financial services, Hong Kong and Australia will permit service suppliers of the other side to establish in its market to provide new financial services that its own financial service suppliers can provide. We also agree to share experiences and continue discussions on education services, professional services including legal services as well as government procurement as part of the future work programme.
Underlining all these, the new IA will provide comprehensive protection for investors of both sides under the principle of fair and equitable treatment. We have secured Australia’s commitment in raising its monetary thresholds for screening so that only investment amounting to A$1154 million or more will require screening compared to the present A$266 million for non-sensitive businesses. This will help improve Hong Kong investors’ access to the Australian market with legal certainty. Similarly, Hong Kong has long been a major investment hub in the region. With the IA, Australian investors are encouraged to make better use of the investment opportunities in Hong Kong, and to use Hong Kong as a springboard to invest in the Guangdong-Hong Kong-Macao Greater Bay Area and the rest of the Mainland, other economies in the region, as well as economies along the Belt and Road and beyond.
In short, the FTA and IA will bring the close economic and trade relations between Hong Kong and Australia to a new level. The agreement will take effect after the two sides have completed their respective internal procedures. If you are interested to learn more, you are most welcome to visit my department’s dedicated website. The legal texts and all schedules of commitments have been uploaded to facilitate understanding and utilisation of the agreements. Thank you. read more
The Government received a total of 2 059 requests for information under the Code on Access to Information in the third quarter of 2018, a spokesman for the Constitutional and Mainland Affairs Bureau said today (March 29).
The total number of requests received since the introduction of the Code in March 1995 and up to the end of September 2018 amounted to 67 138. Of these, 4 003 requests were subsequently withdrawn by the requestors and 3 291 requests covered cases in which the bureaux/departments concerned did not hold the requested information or could not confirm or deny the existence of information. As at September 30, 2018, 306 requests were still being processed by bureaux/departments.
Among the 59 538 requests which covered information held by bureaux/departments and which the bureaux/departments had responded to, 58 109 requests (97.6 per cent) were met, either in full (56 745 requests) or in part (1 364 requests), and 1 429 requests (2.4 per cent) were refused.
Any member of the public who is dissatisfied with the response of a bureau/department under the Code may request that the matter be reviewed. He or she may also lodge a complaint with the Ombudsman.
In the third quarter of 2018, the Ombudsman received 17 complaints relating to requests for information. In this quarter, the Ombudsman concluded 38 complaints, among which three were substantiated, 16 were partially substantiated, three were unsubstantiated, 15 were settled after inquiries by the Ombudsman, and one was not pursued by the Ombudsman or outside the Ombudsman’s jurisdiction. As at September 30, 2018, the Ombudsman’s investigations on 20 complaints were ongoing.
“The Code has provided an effective framework for the public to seek access to information held by the Government,” the spokesman said. read more
The Environmental Protection Department (EPD) today (March 29) released the latest grading of water quality for nine gazetted beaches that are open for swimming.
Six beaches were rated as Good (Grade 1) and three as Fair (Grade 2).
Grade 1 beaches are:
Clear Water Bay Second Beach | Middle Bay Beach |
Deep Water Bay Beach | Repulse Bay Beach |
Golden Beach | Stanley Main Beach |
Big Wave Bay Beach | Silverstrand Beach |
Silver Mine Bay Beach |
The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (March 29) released the findings of its food safety report for last month. The results of about 9 700 food samples tested were satisfactory… read more