Australia, Hong Kong finalise trade deal

Australia has concluded negotiations on a free trade agreement with Hong Kong, Prime Minister Scott Morrison says.

Until the launch of the talks in May 2017, Hong Kong was the largest trading partner with Australia - apart from the European Union - with which Australia had not launched or concluded negotiations on a free trade deal.

With Hong Kong already having a zero tariff policy in relation to Australian goods exports, the main aim of the agreement was to address non-tariff barriers and customs procedures.

For services suppliers, Australia sought non-discriminatory access to the Hong Kong market and greater certainty in terms of regulations.

The agreement - the details of which were to be outlined later on Thursday by Trade Minister Simon Birmingham - is also expected to deal with digital trade, protection of intellectual property, temporary entry of business people, government procurement and competition policy.

Hong Kong was Australia's 12th largest trading partner overall in 2016, with total two-way trade in goods and services worth $16.3 billion.

Australian goods exports to Hong Kong were worth $10 billion in 2016, growing at over 20 per cent between 2011 and 2016.

The Australian services export market to Hong Kong was worth $2.5 billion in 2016 and grew at a rate of 11.6 per cent between 2015 and 2016.

Source: SBS News