The Government of Australia (Australia) and the Government of the Hong Kong Special Administrative Region of the People's Republic of China (Hong Kong, China) (together the Parties):
BUILDING on their respective rights and obligations under the Marrakesh Agreement Establishing the World Trade Organization;
AFFIRMING that, in accordance with Article V of the General Agreement on Trade in Services, this Agreement and the Investment Agreement between the Government of Australia and the Government of the Hong Kong Special Administrative Region of the People's Republic of China,done at Sydney, Australia on March 26, 2019, are an integral part of a wider process of economic integration and trade liberalisation between the Parties to establish a free trade area between them;
SEEKING to establish clear and mutually advantageous rules governing their trade and investment and to reduce or eliminate the barriers to trade and investment between them;
ENVISAGING that a free trade area will create an expanded and secure market for goods and services in the Parties and a stable and predictable environment for investment, thus enhancing the competitiveness of their firms in global markets;
DESIRING to foster creativity, innovation and links between their economies to encourage further trade, investment and collaboration between them;
RECOGNISING their right to regulate and resolving to preserve their flexibility to set legislative and regulatory priorities, safeguard public welfare and protect legitimate public welfare objectives; and
DESIRING to establish an agreement that addresses future trade and investment challenges and opportunities, and contributes to advancing their respective priorities over time;
HAVE AGREED as follows: