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Hong Kong-ASEAN free trade deal 'could be signed this year'

Legislation | | MIC Customs Solutions |

A new free trade agreement between Hong Kong and the ASEAN bloc could be signed within the year, according to an official.


Officials are aiming to put pen to paper on a new free trade agreement between Hong Kong and the Association of Southeast Asian Nations (ASEAN) before the end of 2017.

Hong Kong's secretary for financial services and the treasury KC Chan stated during an event marking the 20th anniversary of the region's return to Chinese rule that plans for a new deal between Hong Kong and ASEAN could come to fruition soon.

He said: "We certainly hope to take the regional co-operation to a higher level. After around three years of negotiations, we would love to conclude and sign the free trade agreement with ASEAN within this year."

The ASEAN bloc - which consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam - is Hong Kong's second largest trading partner, after mainland China.

Bilateral merchandise trade value has grown by a cumulative 72 per cent over the past ten years, with Singapore ranking first in terms of trade in goods with Hong Kong among the ten ASEAN member states.


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Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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