The new and modernized services chapter of the free trade agreement between Chile and Hong Kong came into force this Thursday (06.04.2023/XNUMX/XNUMX) as part of the neighboring country's strategy to expand its presence in the Asian market.
“This modernization represents a major step, substantially increasing the coverage of the current Agreement, incorporating a diversity of service sectors. This confirms our trade policy of opening new markets for our companies in the Asia Pacific region,” the statement said. Undersecretary for International Economic Relations, Claudia Sanhueza.
Hong Kong is an open, competitive and dynamic economy, and due to its geographical location, it is considered the gateway to and from China. Its more than 7 million inhabitants with high purchasing power and around 36 million tourists per year make it an attractive market.
According to the Undersecretary of International Economic Relations, Service exports to Hong Kong in 2022 totaled USD 9,4 million, up 40% compared to 2021.
With the new agreement, Hong Kong expanded its specific commitments, incorporating access to new sectors such as medical and dental services, services provided by midwives, nurses, physiotherapists and paramedics, specialist design services, radio and television services, commission services, higher and adult education services, sports and other recreational services, spa services, passenger maritime transport services, road freight transport services, freight transport agency services and accommodation services, among others.
These include computer and related services, photography services, translation and interpretation services, wholesale trade services, storage and warehousing services, and container station and depot services.
Chile, for its part, increased its commitments in professional services, expanding its commitments in engineering, integrated engineering and architecture services, and incorporating new subsectors, such as veterinary services and services provided by midwives, nurses, physiotherapists and paramedics. The country also expanded its commitments in computer services, research and development services, leasing or rental services (without operators) and other services provided to companies, incorporating new subsectors, such as technical testing and analysis services, services related to agriculture, hunting and forestry, personnel placement and supply services, research and security services, related services of science and technology consultants, equipment maintenance and repair services, building cleaning services, photographic services and assembly or convention services.
In addition, it also incorporated adult education services, environmental services consultancy, construction services, and enhanced its commitments in distribution services by incorporating commission services and franchise services, as well as transportation services.
This process began in 2020 when both parties negotiated a deepening of their specific commitments for services, with a view to expanding them to new areas or improving them in sectors already incorporated. The negotiation concluded during 2021 and was signed on January 18, 2022.
Chile is one of the countries with the largest number of free trade and economic association agreements in the world. The agreement with Hong Kong was added to those that the country already has in Asia with China, Japan, South Korea, Thailand, Singapore and Vietnam, among others.
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