KUALA LUMPUR (Nov 7): The 10 member states of the Association of Southeast Asian Nations (ASEAN) and China's Hong Kong Special Administrative Region (HKSAR) will be signing the ASEAN-Hong Kong Free Trade Agreement (FTA) and Investment agreement this Saturday in Vietnam, according to Minister in the Prime Minister’s Department, Datuk Seri Ir Dr Wee Ka Siong. 

Speaking to reporters after the opening ceremony of the "In Style. Hong Kong" here today, Wee said the FTA signing between Hong Kong and ASEAN will help boost exports and trade between the two regions. 

"To further strengthen our relationship within ASEAN with Hong Kong, our government has agreed to ratify an FTA and Investment Agreement between ASEAN and Hong Kong," Wee said in his keynote speech today. 

Among other measures under this FTA, Wee said Malaysia will abolish import duties on certain trade goods and streamline its import regulations with those of the World Trade Organisation. 

Once this agreement is ratified, he said it is expected to be in force from Jan 1, 2019. 

He noted Hong Kong has agreed to allocate HKD25 million or US$3.2 million in five installments to implement economic cooperation programmes, including those related to customs, logistics, e-commerce and professional services under a Economic and Technical (ECOTECH) Joint Committee support unit nested with the ASEAN Secretariat, to carry out EcoTECH programmes. 

"These programmes will facilitate more effective and efficient trade links between the region and Hong Kong," Wee added. 

He said it is significant for Malaysia to also take part in the ASEAN-Hong Kong trade, which generated US$106.8 billion in total merchandise trade in 2016. 

"Moving forward, we will continue to cultivate our warm bilateral relationship with Hong Kong, whose people are as close to Malaysians as any others," Wee said. 

Meanwhile, Hong Kong Trade Development Council (HKTDC) chairman Vincent Lo said the world's focus now falls on Asia to drive economic growth.  

"Against this backdrop, the relationship between Malaysia and Hong Kong is taking on a new significance," Lo said. 

"In trade, Malaysia is Hong Kong's fourth largest ASEAN trading partner and with the upcoming FTA with ASEAN, we can look forward to increasing our trade flows in the future," Lo added. 

The two-day HKTDC mega promotion campaign here today includes the symposium and expo.