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Simpson Cheung

Hong Kong firms will benefit from expanded non-discriminatory treatment and investment guarantees in 10 Asean states after a protocol amending an investment agreement with the bloc was signed on Sunday.
The protocol was signed in Manila – where Asean economic ministers are meeting – ahead of dedicated trade consultations between Hong Kong and the bloc.
Undersecretary for Commerce and Economic Development Bernard Chan Pak-li signed the protocol for Hong Kong, alongside Philippine Trade Secretary Cristina Roque and Thailand’s Deputy Prime Minister and Minister of Commerce Suphajee Suthumpun.
The protocol enables local enterprises to enjoy treatment no less favourable than that accorded to domestic or foreign enterprises in the 10 Asean states.
It mainly incorporates the schedules of reservations into the investment agreement to give effect to articles, which state that a party shall accord other parties’ enterprises and their investments non-discriminatory treatment, except for reserved measures.
Hong Kong authorities said the protocol would bring legal certainty, enhance the investment environment and boost investment flows.
Asean has been the city’s third-largest destination for outward direct investment for four consecutive years, with investments worth HK$671.2 billion (US$86 billion).
“Our flourishing investment relations have been boosted by the investment agreement which has strengthened Hong Kong’s position as an international investment hub,” a spokesman for the Commerce and Economic Development Bureau said.
“We are confident that the signing of the protocol and its subsequent implementation will drive steady growth in Hong Kong’s economic, trade and investment relations with the Asean region. We will work side by side with our Asean partners to strive for further economic development and investment growth in the region.”
The existing free trade agreement already guarantees equal treatment for Hong Kong service providers operating in specified sectors, including those with a commercial presence in these states.
Complementing this, the amended agreement will accord enterprises and their investments in non-services sectors equal and most-favoured-nation treatment once the new rules take effect.
Beyond equal treatment, the agreement guarantees that Hong Kong investments will be physically protected and treated fairly, with full freedom to transfer capital and profits.
It also promises standard compensation if assets are seized or lost due to war or conflict.
The 10 states from the Association of Southeast Asian Nations (Asean) covered by the agreement are the Philippines, Indonesia, Malaysia, Singapore, Brunei, Thailand, Vietnam, Cambodia, Laos and Myanmar. Extension of the agreement to East Timor – Asean’s 11th member – remains subject to the bloc’s internal procedures.


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Hong Kong

Hong Kong Economy

Hong Kong authorities say signing of the protocol will bring legal certainty, enhance the investment environment and boost investment flows


Hong Kong authorities say signing of the protocol will bring legal certainty, enhance the investment environment and boost investment flows.


Asean

Thailand

China

The Philippines

Hong Kong secures expanded equal treatment and investment guarantees across Asean

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hong Kong authorities say signing of the protocol will bring legal certainty, enhance the investment environment and boost investment flows

Hong Kong authorities say signing of the protocol will bring legal certainty, enhance the investment environment and boost investment flows