The ASEAN-Hong Kong China Free Trade Agreement (AHKFTA) is a groundbreaking international trade agreement that was signed in November 2017. It has been hailed as a significant achievement for Asia`s economic integration and is expected to bring immense benefits to the economies of the signatory countries.

The agreement was signed between the Association of Southeast Asian Nations (ASEAN) and Hong Kong, China. ASEAN is made up of ten member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The Hong Kong Special Administrative Region (HKSAR) is a part of China and has its own legal and economic system.

The AHKFTA aims to promote trade and investment between ASEAN and Hong Kong, China by reducing barriers and creating a level playing field for businesses. Under the agreement, tariffs will be eliminated on almost all goods traded between the two parties, providing greater access to markets and opportunities for businesses to expand.

The agreement also includes provisions for the liberalization of trade in services, including financial, telecommunications, and transport services. This will potentially provide new opportunities for businesses in these sectors to expand their operations and tap into new markets.

In addition, the AHKFTA includes provisions on intellectual property, e-commerce, and government procurement. These provisions will provide greater protection for intellectual property rights and facilitate e-commerce transactions between the parties. They also ensure that government procurement processes are transparent and non-discriminatory, promoting fair competition and better value for money.

Overall, the AHKFTA is a significant milestone in Asia`s economic integration and is expected to bring substantial benefits to the economies of the signatory countries. The agreement will provide businesses with greater access to markets, reduce trade barriers, and promote a level playing field. As such, it is a welcome development for both businesses and consumers alike, and is set to pave the way for further economic cooperation and integration in the region.