INVESTMENT AGREEMENT BETWEEN HONG KONG AND CHILE ENTERS INTO FORCE
The Investment Agreement between Hong Kong and Chile entered into force today (July 14), bringing the total number of investment agreements in force between Hong Kong and foreign economies to 20.
Under the Agreement, the two sides undertake to provide investors of the other side with protections, including fair, equitable and non-discriminatory treatment of investments; compensation in the event of expropriation of investments; and the right to free transfers abroad of investments and returns. The Agreement also provides for settlement of investment disputes under internationally accepted rules.
The Agreement will give additional assurance to investors, facilitate investment flows between Hong Kong and Chile, and complement the existing Free Trade Agreement between Hong Kong and Chile in strengthening the economic and trade ties between the two places.
The Agreement was signed in November 2016. Both sides have completed their respective internal procedures required for the entry into force of the Agreement.
Hong Kong has so far signed 21 investment agreements with 30 foreign economies: the Association of Southeast Asian Nations, Australia, Austria, the Belgo-Luxembourg Economic Union, Canada, Chile, Denmark, Finland, France, Germany, Italy, Japan, Korea, Kuwait, the Netherlands, New Zealand, Sweden, Switzerland, Thailand, the United Arab Emirates (UAE) and the United Kingdom. All these investment agreements, except for the one with the UAE, have entered into force.