Hong Kong signs ‘timely’ free-trade deal with Peru on Apec sidelines

Hong Kong has signed a free-trade deal with Peru, in what the two sides have hailed as a way to spur new business opportunities between the two economies and with mainland China.

Witnessed by Peruvian President Dina Boluarte and Chief Executive John Lee Ka-chiu, Secretary for Commerce and Economic Development Algernon Yau Ying-wah and his counterpart Minister of Foreign Trade and Tourism Ursula Leon Chempen signed the agreement on Friday (local time).

Lee, who is attending the Asia-Pacific Economic Cooperation (Apec) summit in Peru, also met Chinese President Xi Jinping on Friday night as they watched a cultural performance at a gala dinner for Apec economic leaders.

The agreement will take effect following the completion of internal procedures and will remove 91.3 per cent of tariff lines for Hong Kong-originating goods exported to Peru.

The South American country will also gradually eliminate another 7 per cent of its tariff lines for such products.

The deal will grant Hong Kong businesses benefits spanning more than 150 sectors in Peru, including the professional services, financial, transport, and research and development industries.