Australia asia economic relationship between hong

Market profile – Hong Kong – For Australian exporters - Austrade

australia asia economic relationship between hong

Nov 28, In terms of outflows, Hong Kong ranked 3rd in Asia with US$83 billion, after Japan (US$ billion) and the . Hong Kong, China – New Zealand Closer Economic Partnership Agreement Hong Kong, China – Australia FTA. Australia–Hong Kong relations refers to international relations between Australia and Hong Contents. 1 History; 2 Bilateral agreements; 3 Political relationships; 4 Trade and White migration within the British empire continued along the sea lines of communication between Hong Kong, Singapore, Australia/New Zealand. Under this framework, Hong Kong is guaranteed legal, social and economic autonomy under a People to people links between Australia and Hong Kong are strong, with China and neighbouring countries in North and Southeast Asia .

The unemployment rate was 2. Inflation remained steady at 1.

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Bilateral Relations Australia has extensive and enduring interests in Hong Kong built on strong trade and investment connections and close people to people links.

The Australian Government supports Hong Kong's high degree of autonomy as provided for in the Basic Law and in accordance with China's policy of observing 'one country, two systems'.

australia asia economic relationship between hong

This was the first official visit by an Australian Prime Minister sinceand helped to further strengthen cooperation between Australia and Hong Kong on trade, investment, innovation, law enforcement and combating transnational crime. See the Foreign Minister's remarks.

Economic and Trade Information on Hong Kong

People to people links Hong Kong has one of the largest Australian communities abroad with aroundAustralians residing in Hong Kong. Around 96, people born in Hong Kong live in Australia.

australia asia economic relationship between hong

Education cooperation between Australia and Hong Kong continues to strengthen. Inthere were formal agreements between Australia and Hong Kong, covering student and staff exchange, academic and research collaboration, and study abroad.

InHong Kong ranked 10th as a source location for international students to Australia. Inmore than 14, students from Hong Kong studied in Australia across all sectors, an increase of 3 per cent compared to From tothere were almosthigher education course enrolments and more than 42, VET course enrolments by students from Hong Kong.

australia asia economic relationship between hong

Hong Kong was one of the four host locations that participated in the pilot phase of the New Colombo Plan in The New Colombo Plan is a signature initiative of the Australian Government, which aims to lift knowledge of the Indo Pacific in Australia by supporting Australian undergraduates to study and undertake internships in the region. By the end ofthe NCP will have supported around 1, Australian undergraduates to undertake New Colombo Plan experiences in Hong Kong, across diverse fields including business, communications, education, engineering, health, science and urban design.

Sinceover 2, students have been provided with scholarship opportunities in the region through these Awards, including from Hong Kong to Australia, and from Australia to Hong Kong. Australia is seeking a comprehensive FTA that meets the needs of Australian goods and services exporters and investors. Investment sectors include utilities, infrastructure, transport, telecommunications, resources, clean energy and hotels, and increasingly agri-food, major infrastructure and health services.

Hong Kong businesses see Australia as a safe, reliable and open investment destination with a well-performing and well-managed economy. Hong Kong is also an attractive investment destination for Australia. Sectors of interest include banking and finance, construction and engineering, health and medical services, telecommunications, insurance, legal services, education, information technology, consulting, logistics, and transport.

Australia-Hong Kong Relations

Hong Kong has Australia's largest commercial presence in Asia. Australian businesses are drawn to Hong Kong because of the transparency and efficiency of its regulatory environment, the integrity of Hong Kong's financial markets and the rule of law. Hong Kong's location gives Australian companies an important base for commercial engagement with China and neighbouring countries in Southeast Asia.

Australia and Hong Kong have a longstanding trade relationship. Australia's major merchandise exports were gold, edible products and preparations, telecommunications equipment and parts, and fruit and nuts. Australia is an important source of high-quality food and beverages for Hong Kong's hotel and restaurant sector — featured exports include wines, fresh and chilled seafood, premium fruit, nuts, vegetables and dairy products.

Hong Kong's strategy to become a wine trading and distribution centre for the Asian region presents opportunities for Australian wine producers and for providers of wine-related services, such as storage and auctioning. The long distance between Australians and our colonial forebears in Europe, and also the United States, made us unsure of our future economic prosperity.

TID: HONG KONG - AUSTRALIA TRADE RELATIONS

This latest wave is still in motion, and is part of a story that has seen Australia succeed in replacing the tyranny of distance with the power of proximity. This agreement gave Australia a head start in Asia, and launched the Australian tradition of bipartisan support for increased trade engagement with the region.

There followed a flurry of trade and, later, investment between Japan and Australia, notably in iron ore, coal and natural gas.

australia asia economic relationship between hong

By Japan was a key trading partner and had transformed itself from a nation devastated by war into a huge and affluent global economy. Reaching out to China, As Japan re-entered the world economy, followed closely by Korea and a handful of other rapidly expanding Asian economies, China remained closed to the outside world with little economic engagement beyond its borders.

australia asia economic relationship between hong

However, Australian relations with China warmed considerably after Gough Whitlam visited Beijing as leader of the opposition in and formally established diplomatic relations as prime minister in In response, government reforms opened up the Australian economy and oriented it even more towards Asia.

A mix of market and social policies was unleashed: As for trade, the tariff wall that had kept Australia isolated for a century was dismantled. Click to enlarge The fourth wave will be different for Australia.