Hong Kong formalises wine commitment

As if abolishing duty on wine wasn’t enough, Hong Kong has demonstrated its commitment to the wine industry once again, by signing an agreement with France.

The Hong Kong-France Memorandum of Understanding on Cooperation in Wine-related Businesses was signed by Rita Lau, secretary for commerce and economic development of HKSAR government, and Michel Barnier, the French minister for agriculture and fisheries.

John Tsang, financial secretary of the Hong Kong Special Administrative Region (HKSAR), said the memorandum would facilitate and promote trade in wine. “The two sides will strengthen cooperation, exchanges and the sharing of experience in areas including the stimulation of wine-related trading and investment activities, wine education and manpower training, promotion of wine-related tourism and wine culture, as well as customs cooperation against counterfeit wine.”

France is the largest supplier of wine imports into Hong Kong, accounting for approximately 30% of Hong Kong’s imported wines in 2007. In terms of value, French wine represented about 57% of all wine imports to Hong Kong last year, with a growth rate of 108% compared with 2006.

Michel Barnier, the French minister for agriculture and fisheries, added: “Hong Kong is the natural wine hub for Asia and is well positioned to catch the emerging business opportunities of the fastest growing international wine market, thanks to its logistical and financial expertise, its unique knowledge of the Chinese mainland’s market as well as the strength of its hospitality and retail sectors.”

Fionnuala Synnott 20/08/08