Why Hong Kong is a free port?

Why-Hong-Kong-is-a-free-port.jpg

Hong Kong’s trade policy

Hong Kong is a free port and is flourishing through free trade. The open policy has made Hong Kong the eighth largest trade area in the world and has made it an international financial and business center.

The basis of Hong Kong’s free trade policy is a strong and reliable multilateral trading system. The World Trade Organization (WTO) was established on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT) and strengthening the rules and disciplines of multilateral trade. Hong Kong is a founding member of the WTO and has been actively involved in its business. This is the best proof of Hong Kong’s firm support for an open and free multilateral trading system. Has continued to participate in the World Trade Organization as a separate member on behalf of [Hong Kong, China] on 1 July 1997.

In addition to the WTO, Hong Kong is also actively involved in other international trade and economic organizations. Hong Kong became a member of the Asia-Pacific Economic Cooperation (APEC) and the Pacific Economic Cooperation (APEC) in 1991. Hong Kong is a full member of the Asian Development Bank and the World Customs Organization. Hong Kong, China is also an informal member of the United Nations Economic and Social Commission for Asia and the Pacific and participates in the United Nations Conference on Trade and Development. Since April 1994, Hong Kong has become an observer to the Trade and Development Committee under the Organization for Economic Co-operation and Development (OECD). Hong Kong has continued to actively participate in the activities of the Asia-Pacific Economic Cooperation (APEC), the Pacific Economic Cooperation (APEC) and the Organization for Economic Co-operation and Development (OECD) in the name of [Hong Kong, China] on 1 July 1997.

Hong Kong pursues a free trade policy that does not set any trade barriers. Therefore, the goods entering and leaving Hong Kong are not subject to customs duties, and visa procedures are also easy. Even if a number of goods require a license, only because Hong Kong needs to fulfill its obligations to the trading partner or meet the requirements of public health, safety or internal security.

One thought on “Why Hong Kong is a free port?”

  1. Zedu Group says:

    Hong Kong is a free port and is flourishing through free trade. The open policy has made Hong Kong the eighth largest trade area in the world and has made it an international financial and business center.

Leave a Reply

Your email address will not be published. Required fields are marked *

Top