Hong Kong's free trade agreement with the Association of Southeast Asian Nations will boost the city's trading competitiveness.
Secretary for Commerce & Economic Development Edward Yau made the statement to the media after attending a radio programme today.
The agreement, signed yesterday, will bring about legal certainty and better market access for goods and services trade as well as investment protection to Hong Kong.
On goods trade, the ASEAN member states agreed to eliminate or reduce their customs duties on goods originating from Hong Kong.
Mr Yau said Hong Kong export traders can benefit from the duty reduction, resulting in lower operation cost and improved market competitiveness.
Noting total services trade between the two sides is about $120 billion annually, he said there is great potential for Hong Kong's service sectors to expand their business.
He said the agreement has opened the markets for Hong Kong's service sectors, particularly professional services, financial services, commercial services and legal services.
Mr Yau added the Government is negotiating a free trade agreement with Australia, and will seek deals with other economies along the Belt & Road.
