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| Liechtenstein, Hong Kong Cement Economic Ties |
by Ulrika Lomas, Tax-News.com, Brussels
Friday, February 03, 2012
Secretary of Commerce and Economic Development of the Special Administrative
Region of Hong Kong (HKSAR), Gregory So Kam-leung, has recently held talks with
Liechtenstein’s Foreign Affairs Minister Aurelia Frick, during a working
visit to Vaduz, with the talks focussing on the excellent economic relations
between the Principality and the Region.
According to the Liechtenstein government, the visit was in connection with
the successful conclusion in June 2011 of negotiations on a free trade agreement
(FTA) between the member states of the European Free Trade Association (EFTA),
namely Iceland, Liechtenstein, Norway, and Switzerland, and Hong Kong, and was
designed to deepen mutual economic and cultural relations.
The FTA signed on
June 21 last year was orientated for the first time towards a so-called negative
services list approach, whereby reservations regarding the provision of services
must specifically be mentioned, otherwise a service will be considered free
from trade restrictions. The government notes that the FTA is also the first EFTA agreement
to contain a chapter on trade and the environment and to be accompanied by a
parallel agreement on labour standards.
The government emphasizes that together with the bilateral double taxation
agreement (DTA) concluded with Hong Kong in 2010, the FTA will serve to further
strengthen trade between the regions.
Liechtenstein’s industry
recorded foreign sales in Hong Kong of around CHF110m (USD120m) (EUR91m) in 2010.
.
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