Free Trade Agreement and Investment Agreement between Hong Kong and ASEAN enter into force for Brunei Darussalam
******************************************************************************************
On trade in goods under the FTA, Brunei Darussalam will progressively reduce and eliminate customs duties on goods originating from Hong Kong. The tariff commitments made by Brunei Darussalam cover different kinds of Hong Kong commodities, including jewellery, articles of apparel and clothing accessories, watches and clocks as well as toys, etc. To enjoy the preferential tariff treatment for exporting Hong Kong goods to Brunei Darussalam under the FTA, Hong Kong traders have to comply with the relevant preferential rules of origin and fulfil the related requirements, and to apply for certificates of origin from the Trade and Industry Department (TID) or Government Approved Certification Organizations to cover the goods concerned. For details, please refer to the relevant trade circulars issued by the TID at www.tid.gov.hk/english/aboutus/tradecircular/coc/2020/coc2020.html.
On trade in services, Hong Kong service providers will enjoy better business opportunities and legal certainty in market access for an extensive range of services sectors in Brunei Darussalam under the FTA. These include services sectors in which Hong Kong has traditional strengths or has potential for development, including business services, telecommunications services, construction and related engineering services, educational services, tourism and travel related services and transport services.
Under the IA, Brunei Darussalam will provide Hong Kong enterprises investing in its area with fair and equitable treatment of their investments and physical protection and security of their investments, as well as the assurance of the free transfer of their investments and returns. In case of expropriation or investment loss owing to war, armed conflict or a similar event, Brunei Darussalam will also provide compensation to Hong Kong enterprises investing in its area according to the agreed standard as specified under the IA.
With the entry into force for the part relating to Brunei Darussalam, the FTA and the IA for a total of nine ASEAN member states (viz Brunei Darussalam, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) will have come into effect. The date of entry into force for the remaining ASEAN member state (viz Cambodia) will be announced as soon as it is confirmed.
For the texts and the key features of the FTA and the IA, please refer to the website of the TID at www.tid.gov.hk/english/ita/fta/hkasean/index.html.
Ends/Monday, September 28, 2020
Issued at HKT 15:01
Issued at HKT 15:01
NNNN