Australia is in talks with Hong Kong to establish a 'modern' free trade agreement

Hong Kong from the Kowloon side. Photo: Lam Yik Fei/ Getty Images.

Australia is in talks with Hong Kong to establish a “modern” free trade agreement to improve access for Australian exports in a education and fintech, and professional services.

It would be the first time Australian businesses are allowed to operate in Hong Kong without having to establish an on-the-ground presence, according to trade minister Stephen Ciobo.

Ciobo will meet with secretary for commerce and economic development, Gregory So Kam-leung in Hong Kong to discuss the “very modern FTA, focused on services access”, ahead of a meeting in Canberra later this month.

“Services make up around 70% of our economy and employ four out of five Australians, but account for just over 20% of total exports,” said Ciobo.

Hong Kong already has zero tariffs on Australia goods, but an FTA would shore up business certainty.

The SMH has more.

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