PH reduces import duties on Hong Kong goods

Published January 21, 2020, 12:00 AM

by manilabulletin_admin

By Genalyn Kabiling 

Trade and investment between the Philippines and Hong Kong are expected to be enhanced after Manila reduced import duties on certain products coming from its Asian neighbor.

President Rodrigo Roa (ROBINSON NIÑAL JR./PRESIDENTIAL PHOTO / MANILA BULLETIN FILE PHOTO)
President Rodrigo Roa (ROBINSON NIÑAL JR./PRESIDENTIAL PHOTO / MANILA BULLETIN FILE PHOTO)

President Duterte has signed Executive Order No. 102 modifying duty rates for Hong Kong imports in compliance with the Association of Southeast Asian Nations (ASEAN)-Hong Kong, China Free Trade Agreement (AHKFTA) signed in 2017.

“The AHKFTA will strengthen the economic partnerships between the ASEAN member states and Hong Kong, China, serve as an important building block towards regional economic integration, and support sustainable economic development,” the order read.

“The commitment under AHKFTA to reduce tariffs and eliminate custom duties will enhance trade and investment between the Parties to the Agreement,” it added.

The order was signed by the President last January 10. It will take effect after publication in the Official Gazette or a newspaper.

The free trade deal was signed in November, 2017, to boost trade and economic cooperation between ASEAN and Hong Kong. The deal, ratified by President Duterte in January, 2019, includes tariff reduction or elimination for traded goods, reduction of trade restrictions in services, and longer stay for business visitors.

On tariff reduction, the Philippines, Brunei, Malaysia, and Thailand have agreed to eliminate customs duties of about 85 percent of their tariff lines within 10 years and reduce customs duties of about another 10 percent of tariff lines within 14 years.

Indonesia and Vietnam will slash customs duties by 75 percent within 10 years and reduce another 10 percent within 14 years. Cambodia, Laos, and Myanmar will eliminate customs duties by 65 percent within 15 years and reduce another 20 percent within 20 years.

Singapore will reduce customs duties to zero.

Hong Kong will provide tariff-free access to all ASEAN products after the FTA goes into force.

 
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