MANILA: The Association of Southeast Asian Nations (ASEAN) is to sign a free-trade agreement with Hong Kong in November, a Philippine government official said Saturday, following three years of talks.
The Chinese special administrative region began free-trade negotiations with ASEAN in 2014, four years after the 10-nation economic bloc signed a similar trade deal with China in 2010.
Hong Kong also completed negotiations on an investment pact with ASEAN, said Philippine Trade Undersecretary Ceferino Rodolfo.
“This would... send a positive signal for the international community of ASEAN’s resolute commitment to free trade and open markets,” Rodolfo told reporters.
He gave no details of the two agreements, which dealt with lowering import duties and cutting barriers to investment.
The agreement was reached as ASEAN economic ministers held a dialogue in Manila Saturday with Hong Kong government officials.
ASEAN, an economic bloc with a combined population of more than 600 million, is Hong Kong’s second-largest trading partner after mainland China, according to the territory’s Trade and Industry Department website.
Hong Kong also acts as an important entrepot for trade between mainland China and ASEAN, an economic grouping made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
It has remained a separate customs entity from mainland China since the city’s 1997 handover by Britain.
ASEAN members have established a free-trade area among themselves aiming to slash tariffs on most goods to zero and minimize non-tariff barriers. They have also signed free-trade deals with key trading partners such as Japan and China.
Rodolfo said the Hong Kong deals are to be signed in November, when the Philippines hosts an ASEAN summit.
ASEAN also has free-trade deals with India, Australia and New Zealand, and South Korea.
ASEAN to sign Hong Kong free-trade deal in November
ASEAN to sign Hong Kong free-trade deal in November
Closing Bell: Saudi main market closes the week in red at 10,526
RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.
The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.
Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.
Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).
On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.
Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.
On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.
Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.
Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.
On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.
The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.
Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.
Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.
The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.
