A new accord aims to boost trade between Hong Kong and Brazil by cutting red tape and easing customs procedures.
Trade between Hong Kong and Brazil set to streamline
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Trade between Hong Kong and Brazil is likely to get a boost following the start of negotiations to establish a mutual recognition agreement for eligible enterprises. The move follows the signing of an action plan in Brussels, finalised on the sidelines of World Customs Organization meetings this June, Portugal’s Observador newspaper reports.
The deal, which was signed by Li Kin-kei, assistant commissioner of Hong Kong’s Customs and Excise Department, and Felipe Mendes Moraes, Brazil’s general coordinator of customs administration, is set to offer reciprocal benefits to verified traders.
The benefits include expedited customs clearance and a reduction in the frequency of inspections, streamlining the trade between Hong Kong and Brazil.
Hong Kong’s trade strategy
This development aligns with Hong Kong’s broader strategy to expand its trade network, Observador says. The SAR government has identified several key target regions for future cooperation, including nations involved in the Belt and Road Initiative, members of ASEAN, as well as various Arab and African states.
[See more: Brazilian panda bonds to make debut in China]
Hong Kong has already secured similar agreements with 18 economies, including mainland China, India, Japan, Canada, Australia, and neighbouring Macao.
Separately, the Hong Kong government has recently broadened the scope of a support fund aimed at assisting local small and medium-sized enterprises with international expansion. Brazil is now included among the eight new countries eligible for this funding.
