The Myanmar Federal Parliament approved the free trade agreement and related investment agreement signed by the Hong Kong Special Administrative Region Government and ASEAN earlier on the 28th.
The Minister of Planning and Finance of Myanmar, Seon, said in the parliament that Hong Kong is one of the key targets of Myanmar’s plan to attract investment. The agreement aims to reduce investment restrictions and promote investment, which will help promote Myanmar’s attraction of foreign investment.
Seon said that in order to follow the pace of other ASEAN countries, Myanmar has completed preparations for the implementation of the China-ASEAN Free Trade Agreement and related investment agreements in Myanmar. After the agreement is approved by the parliament, the Myanmar party can submit a feedback form to the ASEAN Secretariat.
The Hong Kong Special Administrative Region Government of China and ASEAN signed a free trade agreement and related investment agreement during the 31st ASEAN Summit in November 2017.
It is understood that the FTA covers trade in goods, trade in services, investment, economic and technological cooperation, dispute settlement mechanisms and other related fields. These two agreements are of great significance for strengthening and consolidating trade and investment between Hong Kong and the 10 ASEAN countries.