US-HONG KONG BIZ

The Hong Kong Economic and Trade Offices (HKETO) in the United States of America (USA) are the permanent representatives of the Hong Kong Special Administrative Region Government (HKSARG). Its mission is to represent the HKSARG in strengthening the economic, trade, investment and cultural ties between Hong Kong and the U.S.A. There are three main offices: Washington, D.C., New York and San Francisco.

Hong Kong Trade Development Council (HKTDC) was established in 1966 under the HKTDC
Ordinance (Chapter 1114),  is the international marketing arm for Hong
Kong-based traders, manufacturers and service providers.

It's website:
www.hktdc.com  

The HKETO website, 
http://www.hketousa.gov.hk/usa/index.htm, 
provides a wealth of information regarding the functions and services of the three HKETOs in the U.S.A., news and information about Hong Kong, and useful links to Hong Kong Government's main Web Site.

RECENT DEVELOPMENTS:

May 17, 2010 - A message from Director, Hong Kong Economic and Trade Office, San Francisco

Dear friends,

I am pleased to inform you that a Memorandum of Understanding on Cooperation in Wine-related Businesses (MOU) was signed between Hong Kong and the United States on May 17, 2010. I welcome this MOU which will help further foster joint efforts by the United States and Hong Kong to promote U.S. wine in Hong Kong and via Hong Kong into the massive Mainland China markets.

Secretary of Commerce of the United States, Gary Locke signed the MOU with Hong Kong Secretary for Commerce and Economic Development, Rita Lau, in Hong Kong. Secretary Locke is leading the first cabinet-level trade mission to Asia by President Obama’s administration with Hong Kong being the first stop.

Hong Kong and the United States have maintained healthy and robust bilateral business relations and that Secretary Locke’s visit would encourage both communities to work towards stronger bilateral relations and explore new areas for collaboration.

The signing of the MOU on wine marked an important milestone in closer bilateral ties and business cooperation between the two places.

Riding on this MOU, we will strengthen our joint efforts on promoting wine-related trading, tourism, investment and education.

The MOU also covers a number of special areas. These include promoting wine alongside regional and local cuisine, facilitating the organization of wine auctions in Hong Kong for U.S. wines, and encouraging the provision of quality wine storage facilities in Hong Kong.

As you may know, Hong Kong eliminated the wine duties in February 2008. With no VAT or GST, Hong Kong is the first free wine port among major economies. In February this year, Hong Kong has reached agreement with the Mainland China to provide facilitation measures for wines imported from Hong Kong. They include pre-valuation of wine duty before arrival at the Mainland boundary and expedited customs clearance at Mainland boundary points. Under the measures, registered wine traders may request Mainland Customs to do valuation of wine duty 10 working days before the shipment is exported from Hong Kong to the Mainland China. When the shipment arrives at a Mainland boundary point, Mainland Customs will normally complete the procedure within one working day. The measures will be tried out in Shenzhen of the Mainland in the second quarter of 2010.

As one of the world’s leading wine producers and exporters, the United States is Hong Kong’s fourth largest wine importer. Wine imports from the U.S. amounted to US$49 million in 2009-2010, representing a five-fold increase since Hong Kong’s duty exemption. U.S. auction houses have held regular wine auctions in Hong Kong with record-breaking sales on several occasions.

Hong Kong is becoming a regional wine trading and distribution hub in Asia.

Sincerely,

Jeff Leung

Director, Hong Kong Economic and Trade Office, San Francisco