The Hong Kong-New Zealand Closer Economic Partnership Agreement will come into force tomorrow.
Under the agreement signed in March, New Zealand will phase out over six years its import tariffs on all goods originating in Hong Kong. More than 90% of New Zealand’s tariff lines will become duty free within two years after the agreement has come into force.
Hong Kong service providers and the services they provide will enjoy secured preferential opportunities in the New Zealand market in a variety of service sectors. These include logistics and related services, audiovisual services, various business services, computer and related services, maritime transport services, management consulting services and services incidental to manufacturing.
The agreement also covers the six industries where Hong Kong enjoys clear advantages and is promoting their further development, namely, education services, medical services, testing and certification services, environmental services, innovation and technology, and cultural and creative industries.
There will not be any restrictions in the form of limitations on foreign capital, the number of service providers or operations, value of service transactions, number of persons employed, types of legal entity or joint-venture requirements in a variety of service sectors in the New Zealand market.
Hong Kong providers and the services they provide in a wide range of sectors will be treated no less favourably than their New Zealand counterparts in similar circumstances. They will also automatically enjoy more service liberalisation measures which New Zealand undertakes in its future free trade agreements with other trading partners.
To facilitate movement of business persons, without compromising legitimate immigration control, business persons of the two economies in the categories of business visitors, intra-corporate transferees, and installers or servicers in specified service sectors will be granted temporary entry into Hong Kong and New Zealand under favourable conditions.
To further enhance bilateral investment flows, the two sides have also agreed to negotiate an investment protocol to the agreement, with a view to concluding the investment negotiations in two years after the agreement has entered into force.
Click here for details.
