Hong Kong is a free port and also an important entrepot for trade between mainland China and ASEAN countries. There is no customs tariff on import or export of goods. Hong Kong is to further remove trade barriers, ASEAN and Hong Kong signed the Free Trade Agreement (FTA) in November 2017. The 10 ASEAN countries commit to eliminating and reducing customs duties on goods originating from Hong Kong. The tariff reduction covers different types of goods including jewellery, articles of apparel and clothing accessories, watches and clocks and toys.
On 11 June 2019, the conditions made under the FTA between Hong Kong and Myanmar, Singapore and Thailand officially entered into force. For the other seven ASEAN members, the enforcement dates will be announced once confirmed. Upon the implementation of the FTA, Hong Kong companies will enjoy better business opportunities in the jewellery industry which helps Hong Kong’s pearl, precious metals and jewellery products expand to the ASEAN market.
For further information of the Hong Kong and ASEAN Free Trade Agreement, please visit www.tid.gov.hk.