A UAE-Hong Kong Free Trade Agreement will be a ‘logical step’, says Chief Executive John Lee

UAE is already Hong Kong’s most significant profession partner in the Middle East

The stage is being established for a feasible Open market Arrangement in between the UAE and Hong Kong, with a leading official stating this would be the ‘logical next action’. The UAE is currently Hong Kong’s most significant trading companion in the center East.

In 2022, overall non-oil profession in between UAE as well as Hong Kong pertained to $12 billion, growing by 30 per cent compared to 2020 and 40 percent over 2019. “I think our two economies – as well as the companies that drive them – have much to obtain by an Open market Contract between us,” stated John Lee, President of the Hong Kong Unique Administrative Region, while in Dubai for the UAE– Hong Kong Company Online Forum.

” I’m confident it would substantially improve profession as well as investment connections in between us,” said Lee.

Hong Kong was amongst the Leading 10 trading companions for the UAE in 2021, with a contribution of greater than 2 per cent of the nation’s total non-oil profession.

The UAE already shares a Financial investment Promo and also Defense Arrangement (IPPA) with Hong Kong, signed in 2019. This dedicates both celebrations to a fair as well as equitable therapy of financiers in areas such as payment in the event of expropriation of investments and also the right to totally free transfers abroad of financial investments and returns.

” The arrangement has actually greatly helped as well as safeguarded the passions as well as welfare of organization individuals right here in the UAE as well as those in Hong Kong, permitting them to do company with confidence,” stated Hong Kong’s Assistant for Commerce and Economic Growth Algernon Yau.

According to Dr. Thani bin Ahmed Al Zeyoudi, UAE Preacher of State for Foreign Profession, there are solid potential customers for boosted reciprocal cooperation in fields such shipping, logistics, solutions as well as air transportation. He claimed UAE’s international trade program is being enhanced by the nation’s Comprehensive Economic Partnership Agreements (CEPA) program.

” Our foreign profession schedule is currently being boosted by CEPA, which is really comparable to the Open market Contract,” claimed Dr Al Zeyoudi.

” The UAE currently plays an energetic function in China’s Belt as well as Road Effort, and we are intent on building the partnership even more with Belt as well as Road economic situations, specifically Hong Kong.”

The UAE has signed CEPA handle India, Israel as well as Indonesia, as well as talks are underway to do so with Turkey as well as Cambodia, claimed the Preacher.

Hong Kong has signed 8 FTAs, including with member countries of ASEAN (Organization of South East Asian Nations).

At The Same Time, Dubai Chambers is opening up a workplace in Hong Kong. Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, said: “We intend to advertise trade and investment right into Hong Kong as well as vice versa. This shared choice has been in the works for time.”

The Hong Kong Economic as well as Trade Office in Dubai opened in October 2021, the city’s very first in the Middle East.

” For the worldwide office, we will be recruiting skill in your area; people who understand the neighborhood market and also specialists from the UAE will certainly likewise be operating at this centre,” claimed Al Ghurair.

” Likewise, we ‘d additionally such as the Hong Kong [Economic as well as Trade] office here to advertise profession as well as financial investment in Hong Kong. I see this as a two-way interaction.”