Hong Kong and Peru have concluded talks over a bilateral free-trade deal that also covers investment and intellectual property, according to the financial secretary, which once signed will add to the eight existing such pacts the city has in place.
Financial Secretary Paul Chan Mo-po, who on Thursday attended a celebration of the 203rd anniversary of the independence of Peru, announced both sides reached the milestone on Tuesday, adding the agreement would strengthen business and financial links, as well as bilateral ties.
“Hong Kong and Peru are prime connection points to wider markets in our respective regions,” Chan said. “Hong Kong, in particular, is the ‘superconnector’ and ‘super value-adder’ for foreign companies looking to access the enormous market of the Chinese mainland, the Asean region and beyond.”
Hong Kong has eight free-trade agreements covering 20 economies, namely with mainland China, New Zealand, the Member States of the European Free Trade Association, Chile, Macau, Asean, Georgia and Australia.
Asean is the 10-member economic bloc comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Myanmar, Cambodia, Laos and Vietnam.
Peru was Hong Kong’s fifth-largest trading partner in Latin America last year, with total merchandise trade exceeding HK$5 billion (US$640 million). Over the past five years, bilateral trade has grown at an annual average pace of 4 per cent.
“Beyond the realm of business, we welcome more of Peru’s fascinating arts and culture to Hong Kong. Our city is a great stage for Peru to showcase its renowned creative, cultural and tourism offerings to people in this region and beyond,” the finance chief said.
Chan also said it was encouraging to see the strong and enduring friendship between China and Peru as demonstrated last month when Chinese President Xi Jinping met his Peruvian counterpart Dina Boluarte in Beijing.
Xi stressed the mutual respect and cooperation that existed between the two countries while also highlighting the opportunities arising from Peru’s signing of a memorandum of understanding in 2019 on working together under the Belt and Road Initiative, the minister noted.
Xi said at the time the two governments should “synergise China’s eight major steps to support high-quality belt and road cooperation with Peru’s development needs”.
“Hong Kong is proud to play an important role in this endeavour, fully utilising our singular role in connecting capital, enterprises, projects and people,” Chan said, adding the city and Peru shared a common goal of championing free and open trade, promoting regional collaboration and sustainable development.
