The Hong Kong Agreement is a crucial international trade agreement that was signed in 1986 between the United States and Hong Kong. The deal was designed to facilitate trade by reducing or eliminating tariffs and other trade barriers between the two regions, as well as providing a framework for ongoing cooperation in various areas. But when exactly does the Hong Kong Agreement end?
The agreement was initially set to remain in force for 10 years, and it was eventually extended for another 10 years in 1996. As a result, the Hong Kong Agreement`s second extension was scheduled to expire on July 1, 2007. However, before that date, both parties agreed to another extension, and the agreement has remained in effect ever since.
As of now, there is no set end date for the Hong Kong Agreement, and it continues to remain in force. Nevertheless, it`s crucial to note that the agreement is not static, and it has undergone several revisions over the years, adapting to economic and political changes in both regions. The most recent revision was in 2017 when the U.S.-Hong Kong Policy Act of 1992 was updated to include new provisions on human rights and democracy in Hong Kong.
As the agreement is still in effect, it remains essential to the economies of Hong Kong and the United States. The pact contributed to an increase in U.S. goods exports to Hong Kong, which reached $50 billion in 2019 and made Hong Kong the United States` ninth-largest goods export market. Hong Kong is also the United States` third-largest services export market, with U.S. exports totaling $14.9 billion in 2019.
In conclusion, the Hong Kong Agreement is a significant trade agreement between the United States and Hong Kong that has been vital to both regions` economies. While there is no set end date for the agreement, it has undergone several revisions over the years, with the most recent update being in 2017. The continuation of the Hong Kong Agreement ensures ongoing economic cooperation and trade between the two regions.