Hong Kong and Mexico signed an Investment Promotion and Protection Agreement (IPPA) in Davos, Switzerland, yesterday (January 23, Davos time) to strengthen mutual investment protection. The agreement is set to enhance the confidence of investors, expand investment flows and further strengthen the economic and trade ties between the two places.
​ The Secretary for Commerce and Economic Development, Mr Edward Yau, signed the IPPA on the margins of the World Economic Forum Annual Meeting in Davos with the Undersecretary of Foreign Trade at Mexico's Ministry of Economy, Dr Luz María de la Mora Sánchez.
​ "An IPPA enables investors of the two parties to enjoy corresponding protection of their investments in the host economies, and thus enhance investors' confidence in making investments abroad. Hong Kong has been making dedicated efforts to expand its network of IPPAs in order to enhance two-way investment flows and boost our economy," Mr Yau said.
​ Under the Agreement, the two governments undertake to provide investors of the other side with fair, equitable and non-discriminatory treatment of their 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 enter into force after the fulfilment of relevant internal requirements by both sides.
​ The IPPA with Mexico is the fourth such agreement that this term of Government has signed since taking office in July 2017. The other three are the investment agreements with the Association of Southeast Asian Nations, Australia and the United Arab Emirates. It is also the 22nd investment agreement that Hong Kong has signed with a foreign economy.
​ The other foreign economies with which Hong Kong has signed an IPPA are Austria, the Belgo-Luxembourg Economic Union, Canada, Chile, Denmark, Finland, France, Germany, Italy, Japan, Korea, Kuwait, the Netherlands, New Zealand, Sweden, Switzerland, Thailand and the United Kingdom.
Follow this news feed: East Asia