The governments of the 15 member economies of the Regional Comprehensive Economic Partnership (RCEP) today approved the establishment of an Accession Working Group that will begin negotiations with applicant economies—including Hong Kong—to join the world’s largest free-trade arrangement. Hong Kong officials hailed the decision as “a critical milestone” that could see the city formally accede as early as 2028. RCEP currently covers 30 % of global GDP and includes major ASEAN markets, Australia, New Zealand, China, Japan and South Korea. While goods tariffs receive the lion’s share of media attention, service-sector chapters include commitments on temporary entry for business persons, mutual recognition of professional qualifications and measures to streamline short-term work permits. If Hong Kong’s schedule mirrors existing members’, executives could enjoy visa-free stays of up to 90 days for business and installation work across the bloc. From a mobility strategy standpoint, early preparation matters. Immigration advisers recommend that companies map current assignment flows in the Asia-Pacific region to identify where RCEP rules could replace bilateral treaties and unlock faster deployment. Sectors likely to benefit first include financial services, construction, and information technology—industries singled out in Hong Kong’s new Five-Year Plan for aggressive overseas expansion. That said, negotiations will be complex. Hong Kong must table offers on market access, data flows and labour movement that satisfy both ASEAN developing members and advanced economies such as Japan. Observers caution that domestic legislative amendments—possibly to the Import and Export Ordinance and the Trade Marks Ordinance—will be required. The earliest practical impact on mobility will therefore come in the form of pilot “business visitor lanes” that Hong Kong is expected to launch with individual ASEAN partners during the negotiation phase.
Source: News.gov.hk
