Trade Briefing: Hong Kong Trade and Development Council (HKTDC)
Hong Kong SAR — (August 2nd, 2013), Global Vision
Junior Team Canada attended a trade briefing with the Hong Kong Trade Development Council (HKTDC) on Friday, hosted by Iris Wong, Head of International Relations, at their head office located in the Wan Chai district of Hong Kong. Ms. Wong briefed JTC on HKTDC's core services, Hong Kong's economic composition, and it's competitive advantages for conducting business both locally and around the world.
Among the topics discussed were Hong Kong’s vibrant economy as a trade and finance hub in Asia, it's competitive advantages in geography, and it's political and economic standing with Mainland China. For example, the Closer Economic Partnership Agreement with Mainland China enables businesses based in Hong Kong to export into mainland China without being subject to tariffs and duties. This includes products that have been partially processed in Hong Kong, where businesses may locate value-added services to qualify for the duty-free status.
Hong Kong can also act a risk manager for entering other Asian regions, as the legal system of Hong Kong is based on Common Law and can offer a measure of protection for businesses entering contracts in Hong Kong to do business in Mainland China.
"The idea of basing the business agreement in Hong Kong to access other Asian markets was definitely new to me." says Laura Weinbender, Junior Team Canada Ambassador for Saskatchewan. "Although my partners are mostly in the Agricultural sector and Hong Kong may not be a direct market for them, it would be important to consider drafting their contracts in Hong Kong because of the legal system here. The system offers better protection and more power for Canadian companies in negotiations."
About Hong Kong Trade and Development Council (HKTDC)
HKTDC was established in 1966 as an international marketing arm for Hong Kong–based traders, manufactures and service providers. The council offers a variety of platforms and business-matching services, connecting small and medium-sized enterprises in Hong Kong with business partners from all over the world through a global network of over 40 offices worldwide. Visit http://www.hktdc.com/ for more information.