HK-UAE Pact To Take Effect

The investment agreement between Hong Kong and the United Arab Emirates will enter into force on March 6, bringing the total number of such agreements in force between Hong Kong and foreign economies to 21.

Under the agreement, signed in June last year, the two sides undertake to provide investors of the other side with protections.

These include fair, equitable and non-discriminatory treatment of investments, compensation in the event of expropriation of investments, and the right to free transfers abroad of investments and returns.

It also provides for settlement of investment disputes under internationally accepted rules.

The pact is one of four investment agreements that the current-term Government has signed since taking office in July 2017.

The other three were signed with the Association of Southeast Asian Nations, Australia and Mexico. Except for the one with Mexico, these investment agreements have taken effect.