Free Trade Agreement Canada Hong Kong
In 2003, the Chinese central government signed the Closer Economic Partnership Agreement (CEPA) with the Government of the Hong Kong Special Administrative Region and the Government of the Macao Special Administrative Region. Amendments I, II, III, IV, V and VI were signed in 2004, 2005, 2006, 2007, 2008 and 2009 respectively. CEPA is a successful application of the “one country, two systems” principle, a new path of institutional cooperation between the mainland and Hong Kong and Macao, and an important milestone in economic and trade exchanges and cooperation between the mainland and Hong Kong and Macao. It is a free trade agreement signed by the central government with the separate customs territories of Hong Kong and Macau, as well as the first free trade agreement to be fully implemented in mainland China. Canada is regularly considered a trading nation because its total trade accounts for more than two-thirds of its GDP (the second highest level in the G7 after Germany). [1] [2] Of this total trade, approximately 75% is with countries that are part of free trade agreements with Canada, particularly with the United States through the North American Free Trade Agreement (NAFTA). [3] At the end of 2014, Canada`s bilateral trade reached C$1 trillion for the first time. [4] Discover new ways to expand your international presence. Canada`s extensive (and growing) trade network provides Canadian businesses with preferential access to a variety of markets around the world. On this page, you can explore Canada`s Free Trade Agreement (FTA), Foreign Investment Promotion and Protection Agreements (FIPA), Plurilateral Agreements and World Trade Organization (WTO) Agreements. Note: The contract texts on this page are for informational purposes only; official treaty texts are published in canada`s Treaty Series. Use the drop-down menu to search by agreement by country group, agreement type, or status.
You can also use the filter option to search for keywords. In terms of trade with Canada, Hong Kong is the third largest destination in the world for Canadian services exports, with these services worth $2.9 billion in 2017. Financial services, engineering, information technology and professional services are predominant. In 2017, Hong Kong ranked 13th among Canada`s goods export markets, valued at $2.2 billion. For example, Hong Kong is the world`s third largest export market for fruits and nuts and the fourth largest market for fish and seafood. In addition to importing agricultural products, Hong Kong is an active trading centre in Asia for Canadian products and raw materials such as jewellery and silverware, precious metals, and computer and electronic products. Other important Canadian exports to Hong Kong include navigational and medical instruments as well as transportation signalling systems. Canada negotiates bilateral free trade agreements with the following countries and trading blocs:[7] Under CETA, 98% of EU tariff lines are duty-free for Canadian products. In 2018, Canada`s extractive industries were the top exporters to CETA member countries. Multinational companies investing in Canada benefit from Canada`s free trade agreement in a number of ways, including: Which country gives you access to 1.5 billion consumers in 51 countries? Canada. As far as access to the world market is concerned, this is not improving. With 14 free trade agreements covering 60% of global GDP, Canada is opening the doors to cross-border growth.
Canada`s total trade with NAFTA countries was estimated at $788 billion, representing 66.8% of Canada`s total global economic trade in 2018. The most important export industries included the automotive industry and natural resources. The Canada-Hong Kong Agreement for the Avoidance of Double Taxation (2013) and the Bilateral Foreign Investment Promotion and Protection Agreement (2016) provide opportunities to further strengthen the strong bilateral trade and investment relationship between Canada and Hong Kong. A Foreign Investment Promotion and Protection Agreement (FIPA) is an agreement to promote foreign investment. Hong Kong is a mature economy, focused on trade and services, with a GDP per capita (at purchasing power parity) comparable to that of a number of developed countries. Hong Kong has a strong and well-capitalized banking system, a free market environment, established legal institutions and a world-class infrastructure. Hong Kong has always been designated by various international indices and rankings as the freest economy in the world. Learn about Canada`s trade and investment agreements: types of agreements and how trade and investment agreements evolve in stages. Canada is conducting exploratory talks on bilateral or multilateral free trade agreements with the following countries and trading blocs, although formal negotiations have not yet begun:[7] The North American Free Trade Agreement between Canada, the United States and Mexico entered into force on October 1. It entered into force in 1994 and created the world`s largest free trade region in terms of GDP.
In 2014, NAFTA`s combined GDP was estimated at more than $20 trillion with a market of 474 million people. [5] [6] Building on this success, Canada continues to negotiate free trade agreements with more than 40 countries, most recently with South Korea, which is Canada`s first free trade agreement with a partner in the Asia-Pacific region. Since 2018, Canada has also concluded two other important multilateral trade agreements: the Comprehensive Economic and Trade Agreement (CETA) with the European Union and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with ten other Pacific Rim countries. [7] On September 21, 2017, CETA was provisionally applied, immediately abolishing 98% of EU tariff lines for Canadian products. [8] Canada is currently the only G7 country where free trade agreements with all other G7 countries are in force. Free trade with the last G7 country, Japan, began with the entry into force of the CPTPP on December 30, 2018. Once fully implemented, the CPTPP will form a trading bloc representing 495 million consumers, and 99% of tariff headings will be duty-free between the parties. Canada`s top exports to CPTPP countries include natural resources and agricultural products. On July 1, 1997, after 150 years of British colonial rule, Hong Kong became a special administrative region of the People`s Republic of China. Since then, Hong Kong has been governed by the “one country, two systems” framework set out in the Basic Law, a document also known as Hong Kong`s “mini-constitution.” Under this approach, Hong Kong is guaranteed its own legislative, legal and judicial systems and economic autonomy within the framework of a capitalist system and way of life. Overall, the Basic Law gives Hong Kong a high degree of autonomy, while the central government of the People`s Republic of China is responsible for national defense and foreign relations issues.
. Free Trade Agreement between Canada and the European Free Trade Association (EFTA) Below is a list of fipa negotiations that have been concluded and have not entered into force. First there is the country, and then there is the date on which it was completed. [7] Risk reduction for service providers and investors abroad. . Status: In force between Canada, Australia, Japan, Mexico, New Zealand and Singapore This is a list of countries and trading blocs with which Canada currently has free trade agreements. [7] Canada and Hong Kong also cooperate productively through multilateral organizations to which they both belong, such as the Asia-Pacific Forum for Economic Cooperation and the World Trade Organization […].
