In this Nov 5, 2021 photo, shipping containers are seen at a port of Kwai Tsing Container Terminals in Hong Kong. (PHOTO / AP)

HONG KONG - The updated commitments on trade in services under the Free Trade Agreement (FTA) between Hong Kong and Chile will enter into force on April 6, the Hong Kong SAR government said Tuesday.

The high-quality updated commitments will further strengthen and deepen trade cooperation between the two economies as they create more opportunities for businesses and investors in Hong Kong and Chile, the HKSAR government said in a statement.

Signed in January 2022, the updated commitments improve existing commitments under the free trade agreement and open up more service sectors of both sides

"We welcome the entry into force of the updated services commitments that comes at an opportune time when world trade is reviving after the pandemic. The updated commitments will create better opportunities for our businesses and investors in diversifying their markets,” Secretary for Commerce and Economic Development Algernon Yau Ying-wah was quoted as saying in the statement.

“It also demonstrates the government’s dedicated efforts in seeking more favorable access to international markets as well as promoting the strengths of Hong Kong’s services sectors overseas," he added.

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Signed in January 2022, the updated commitments improve existing commitments under the FTA and open up more service sectors of both sides.

Chile has made commitments in over 50 new service sectors, encompassing priority service sectors in which Hong Kong has traditional strengths or has potential for priority development, such as professional and business services, technical testing and analysis services, convention services, computer and related services, communication services including audio-visual services, distribution services and education services.

Yau said Hong Kong’s service providers can now enjoy deepened and broadened access to the Chilean market.

“I encourage our traders and service providers to seize this invaluable opportunity to unleash the untapped business opportunities in Chile, which is our first FTA partner in Latin America as well as a gateway to the Latin American markets," he added.

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Since the FTA came into force in 2014, bilateral merchandise trade between Hong Kong and Chile recorded an average annual growth of over 10 percent from 2015 to 2022 despite the challenges posed by the pandemic and external environment in recent years.

To date, the Hong Kong SAR has signed eight FTAs with 20 economies, including the Chinese mainland, the Macao SAR, the 10 member states of the Association of Southeast Asian Nations, Australia, Chile, the four member states of the European Free Trade Association, Georgia and New Zealand.