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Relationship between Hong Kong and Australia

Despite the COVID-19 crisis, world-wide shortages in mineral and agricultural primary products and trade tensions, Australia and Hong Kong have an increasingly important role to play in the development of each other’s economic strengths. The significance of this relationship was symbolised by the signing of comprehensive Free Trade and Investment Agreements between the two jurisdictions in 2019 which include important commitments in relation to trade in goods and services, investment, public sector procurement, intellectual property, competition, and dispute resolution.

The Australian economy is one of the world’s 12 largest and has withstood the impact of the COVID-19 pandemic well. Its strength is due not only to its natural advantages, but also to its promotion of free trade, a business-friendly regulatory approach and an increasingly diversified economy in which the service sector accounts for over 70% of the country’s GDP.

Within the service sector, financial services, legal services, tourism, medical technology and IT are increasingly significant elements. Such advancements notwithstanding, recent developments in the world economy are also forceful reminders of the continuing importance of primary production, including minerals and agricultural products.

In addition to diverse mutual economic interests, Hong Kong shares with Australia, as it does with other Commonwealth jurisdictions, a common heritage based on legal, cultural and linguistic networks. For both Hong Kong investors into Australia and for Australian enterprises wishing to make greater use of Hong Kong’s established role as a “super-connector”, our planned series of events will introduce new and exciting perspectives.

Nov 28, 2022 05:00 PM in Hong Kong SAR