Greg So (right) speaks alongside Steven Ciobo at the breakfast event launching the start of free trade talks between Hong Kong and Australia. Photo: Information Services Department
Hong Kong has formally opened talks with Australia on a potential free trade deal that could include an agreement to prevent double taxation.
The Secretary for Commerce and Economic Development, Greg So, launched the negotiations on Tuesday morning at a ceremony in Hong Kong together with the Minister for Trade, Tourism and Investment of Australia, Steven Ciobo.
So said both sides will work towards lowering trade barriers, while enhancing capital flows and market access for trade in services. An agreement would, he said, be conducive to strengthening Hon Kong’s role as an international trade, commerce and financial centre.
“Hong Kong and Australia have respective strengths in different business areas, in which some are complementary to each other”, So said. “We see tremendous room for us to further our co-operation and deepen our trade and economic liberalisation with a view to bringing our economies to new heights.”
Asked if the talks will include negotiations on a Comprehensive Double Taxation Agreement (CDTA) to prevent residents from being taxed twice on the same income, So said “we will be looking at all avenues for further collaboration”.