BULLETIN : AUSTRALIA – HONG KONG FREE TRADE AGREEMENT – 17TH JANUARY 2020
Australia-Hong Kong Free Trade Agreement
The Australia-Hong Kong Free Trade Agreement (A-HKFTA) will enter into force on 17 January 2020.
There has not been a comprehensive document published on the use of a Certificate of Origin and when/where they can be issued at origin.
A forwarder body has reviewed the issue and the content of the Free Trade Agreement and their advice to members is that Certificates of Origin cannot be issued by an authorised organisation until an FTA enters into force, so a supplier would not be able to obtain one before 17 January. To claim preferential rates under the A-HKFTA goods must be entered either on or after January 17, 2020.
The A-HKFTA however allows the importer, exporter, producer or other authorised representative to make a Declaration of Origin.
Attached is a copy of the minimum data requirements for such a declaration, which should of course be on letterhead, dated and signed and cross reference to the consignment / invoice number.
About A-HKFTA
This free trade agreement will launch a new chapter in economic relations between Australia and Hong Kong. The trade agreement provides Australian businesses greater certainty to trade and investment activities in Hong Kong. It also reaffirms the value Australia places on the principle of “One Country, Two Systems.”
Hong Kong is a Special Administrative Region of the People’s Republic of China, and it is an attractive export destination for Australia. In 2018-19, Hong Kong was Australia’s tenth most important destination for merchandise exports ($8 billion) and seventh-largest services export market ($3 billion). Hong Kong was our fifth largest source of total foreign investment in 2018, with a stock of $118.8 billion at the end of 2018. Hong Kong was our eleventh largest destination for total Australian investment, with a stock of $52 billion at the end of 2018.
The Australia-Hong Kong FTA will strengthen Australia’s relations with one of its most significant trade and investment partners. The A-HKFTA will, for instance, provide increased certainty for Australian service providers and investors. It will also lock in continued access to the Hong Kong Market for Australian exporters of education, financial and professional services, as well as guarantee that Hong Kong will not apply tariffs to Australian goods in the future.
We encourage importers from this origin to speak to suppliers on this issue and to liaise with our customs departments for further clarity where possible.
Should more detailed information come to hand in coming days we shall of course update in due course.