HONG KONG, Aug. 25 (Xinhua) -- The free trade agreement (FTA) signed between China's Hong Kong and Peru will enter into force on Sept. 1, the Hong Kong Special Administrative Region (HKSAR) government announced on Tuesday.
Algernon Yau, secretary for commerce and economic development of the HKSAR government, said that the FTA will provide a favorable platform for Hong Kong's traders and investors to expand their business in Peru, while exploring broader business opportunities across other Latin American markets.
Under the agreement, Peru will eliminate tariffs on approximately 98.3 percent of its tariff lines for Hong Kong-origin exports. Tariff elimination concerning 91.3 percent of the tariff lines will take immediate effect upon the FTA entering into force, while tariffs on the remaining 7 percent will be phased out gradually.
Apart from preferential tariffs, trade participants will benefit from enhanced trade facilitation measures and a reduction of trade barriers.
This is Hong Kong's second free trade agreement forged with a Latin American economy. To date, Hong Kong has signed nine FTAs with 21 economies. ■
