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Malaysia to gain from Free Trade Agreement with HK Malaysia to gain from Free Trade Agreement with HK
MALAYSIA and Hong Kong are set to develop even stronger trade ties as Hong Kong will soon ink a Free Trade Agreement with Asean.
At the launch of the Hong Kong Trade Development Council’s (HKTDC) mega promotion event, “In Style Hong Kong”, its chairman Vincent H.S. Lo said the pact would increase the significance of the relationship between Malaysia and Hong Kong as the world’s focus falls on Asia to foster economic growth.
The two-day event at Mandarin Oriental Kuala Lumpur was In Style Hong Kong’s third edition.
With the Belt and Road initiatives well under way, Lo said it beckons both Malaysia and Hong Kong to build on their strengths and deepen their collaboration.
“The Belt and Road is a grand vision of economic and social integration that is based on connectivity across more than 60 countries in Asia, Europe and beyond, covering over 30% of the world’s GDP.
“This will open up great opportunities for Malaysia because the country is right at the centre of the initiative’s maritime route,” added Lo.
From Hong Kong’s standpoint, Lo said the special administrative region is not just a gateway to China, but also a springboard for intra-Asia and international businesses.
“Our role as a global financial and trading hub is strengthened by rule of law, a transparent society with strong international talent in professional services and technology.”
He said both Malaysia and Hong Kong have had active business relations among companies large and small, and with further collaboration, the Belt and Road will definitely present more opportunities.
The symposium and exposition highlighted Hong Kong’s professional services and products by leading brands, respectively.
It was launched by Minister in the Prime Minister’s Department Datuk Seri Dr Wee Ka Siong and the government of Hong Kong Special Administrative Region of the People’s Republic of China secretary for justice Rimsky Yuen, as well as Lo.
According to Dr Wee, Malaysia and Hong Kong has enjoyed a growing trade relationship throughout the years.
“Malaysia’s trade volume with Hong Kong last month increased by RM1.35bil from a year ago; we exported RM4.58bil to Hong Kong in September 2017, a total of RM32.339bil from January to September 2017,” he said.
To further strengthen Asean’s relationship with Hong Kong, Dr Wee said the Malaysian government had agreed to ratify a Free Trade Agreement (FTA) and Investment Agreement between the two regions.
“Among other measures under this FTA, Malaysia will abolish import duties on certain trade goods and streamline import regulations with those of the World Trade Organisation,” he added.
He said once the agreement is ratified and enforced (tentatively Jan 1, 2019), Hong Kong would allocate HK$25mil (RM13.5mil) in five instalments to implement economic cooperation programmes.
“These programmes will facilitate more effective trade links between the region and Hong Kong,” he added.
Representing the Hong Kong government, Yuen said he had participated in the past two editions of In Style Hong Kong, which took place in 2015 and 2016 in Jakarta, Indonesia; and Bangkok, Thailand, respectively.
“I have personally witnessed how the event has cultivated stronger links between Hong Kong and these two countries.
“This event has enabled us to present Hong Kong’s brands and product designs as well as top quality services which have made Hong Kong a trendsetting city in the region.
“I’m confident that this year’s In Style Hong Kong will foster an even closer link between Malaysia and Hong Kong,” added Yuen.
The recent symposium at In Style Hong Kong featured Hong Kong and Malaysian business leaders as well as government officials who highlighted Hong Kong’s service companies in helping Malaysian companies expand their business.
A business support zone was also set up at the symposium whereby a group of Hong Kong professional service providers from the accounting, legal, marketing, finance and business services sectors offered free on-site consultations.
The expo, on the other hand, featured 40 exhibitors showcasing Hong Kong brands in the sectors of home electronics, gifts and premium items, fashion accessories and watches, eco-friendly products, as well as products which won the Hong Kong Smart Design Awards.
It saw the participation of representatives of importers, distributors, retailers, brand agents, franchisees, department stores and speciality stores in Malaysia and neighbouring countries.
Source: http://www.thestar.com.my/business/smebiz/2017/11/10/malaysia-to-gain-from-free-trade-agreement-with-hk-economic-cooperation-programmes-to-facilitate-mor/#jcwpvDTX77Tif34E.99