HONG KONG CONNECT

No.12 December, 2015



	New agreement signed under framework of CEPA to achieve liberalisation of trade in services between the Mainland and Hong Kong Chief Executive CY Leung today witnessed the signing of the Agreement on Trade in Services by Financial Secretary John Tsang and Vice Minister of Commerce Wang Shouwen . Signed by the Special Administrative Region Government and the Ministry of Commerce under the framework of the Mainland & Hong Kong Closer Economic Partnership Arrangement, the new accord makes reference to the Agreement between the Mainland & Hong Kong on Achieving Basic Liberalisation of Trade in Services in Guangdong signed last year. The agreement further enhances the liberalisation in both breadth and depth, including extending the implementation of the majority of Guangdong pilot liberalisation measures to the whole Mainland; reducing the restrictive measures in the negative list; and adding 28 liberalisation measures in the positive lists for cross-border services as well as cultural and telecommunications services.Under the new agreement, there are 153 sectors which the Mainland has fully or partially opened up to the Hong Kong services industry, accounting for 95.6% of all the World Trade Organisation services trade sectors. In respect of the mode of "commercial presence", national treatment will be applied to Hong Kong in 62 sectors. Hong Kong's favourable position to enjoy the Mainland's most preferential liberalisation measures is assured by the agreement's Most-Favoured Treatment provision, which specifies that any preferential treatment the Mainland accorded to other countries or regions, if more preferential than those under CEPA , will be extended to Hong Kong. The agreement will come into effect immediately and be implemented on June 1, 2016. Read more about the Agreement here.


	Innovation and Technology Bureau established The Innovation and Technology Bureau was formally established on 20 November. The bureau is responsible for formulating holistic policies relating to innovation and technology; strengthening the co-ordination among the Government, industry, academia and research sectors; and expediting the development of innovation, technology and related industries in Hong Kong. Read more about the story here.

	Hong Kong International Arbitration Centre Achieves Breakthrough by Launching Office in Mainland China The Hong Kong International Arbitration Centre (HKIAC) has reached an important milestone by being the first international arbitration institution to open a representative office in mainland China. This represents a major stride made by HKIAC to promote international arbitration services on the Mainland. The HKIAC Shanghai office is located within the China (Shanghai) Pilot Free Trade Zone. Read more about the story here.


	Seminars in Australia and New Zealand to promote talent attraction schemes The Hong Kong Economic and Trade Office (HKETO) held a series of seminars in Australia and New Zealand to promote the Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents (ASSG) and other enhancement measures to the admission arrangements for talent, professionals and entrepreneurs which were implemented in May this year. The seminars were held in Sydney, Melbourne and Auckland in November. Entitled “Hong Kong – Destination for TALENT”, the seminars were joined by the Immigration Officers of the Hong Kong Special Administrative Region who have flown in from the city to promote the schemes among the Australians and New Zealanders. Read more about the ASSG here.

	New Zealand handmade soap company opens its first store in Hong Kong A New Zealand handmade soap company has opened its first retail store in Hong Kong in response to strong demand for quality personal care products in the region. The store opened with the help of Invest Hong Kong established to attract foreign direct investment and support overseas businesses to set up or expand in the city. Honeybunch Handmade offers handmade soaps, bodycare products as well as flower bouquets. Read more about the story here.

	Australian Non-profit aid organisation opens office in Hong Kong Fred Hollows Foundation, a non-profit organisation based in Australia which focuses on treating and preventing blindness and other vision problems, opened its regional office in Hong Kong on 3 November. Officiating at the opening ceremony of the Foundation, the Chief Secretary for Administration, Mrs Carrie Lam said, “ "Hong Kong is a perfect place for international NGOs such as the Fred Hollows Foundation to establish regional offices. Geographically, with a central location in Asia-Pacific, Hong Kong is recognised as a springboard to and from Asia. Socially, we are a dynamic city with a strong culture of philanthropy and charitable giving." Read more about the story here.