Hong Kong-U.S. MOU on Wine Marks Closer Bilateral Ties

WASHINGTON, May 17 /PRNewswire-USNewswire/ -- The Secretary for Commerce and Economic Development, Rita Lau, today signed a Memorandum of Understanding on Cooperation in Wine-related Businesses (MOU) with the visiting Secretary of Commerce of the United States, Gary Locke.

Secretary Locke is leading the first cabinet-level trade mission to Asia by President Obama's administration with Hong Kong being the first stop.

Addressing a luncheon in honor of Secretary Locke, Mrs. Lau said Hong Kong and the United States had maintained healthy and robust bilateral business relations and that Secretary Locke's visit would encourage both communities to work towards stronger bilateral relations and explore new areas for collaboration.

The signing of the MOU on wine marked an important milestone in closer bilateral ties and business cooperation between the two places, she said.

"Today, our relationship with the U.S. takes another major step forward. Riding on this MOU, we will strengthen our joint efforts on promoting wine-related trading, tourism, investment and education.

"The MOU also covers a number of special areas. These include promoting wine alongside regional and local cuisine, facilitating the organization of wine auctions in Hong Kong for U.S. wines, and encouraging the provision of quality wine storage facilities in Hong Kong," Mrs. Lau said.

Commenting on the announcement, Hong Kong Commissioner to the U.S., Donald Tong, said: "The Hong Kong Economic and Trade Offices welcome this MOU which will help further foster joint efforts by the United States and Hong Kong to promote U.S. wine exports to Hong Kong and via Hong Kong into the massive Mainland markets."

As one of the world's leading wine producers and exporters, the United States is Hong Kong's fourth largest wine importer. Wine imports from the U.S. amounted to US$49 million in 2009-2010, representing a five-fold increase since Hong Kong's duty exemption. U.S. auction houses have held regular wine auctions in Hong Kong with record-breaking sales on several occasions.

The MOU on wine between Hong Kong and the United States is the eighth cooperative agreement concluded by Hong Kong with wine producing countries/regions, coming after those with France, Bordeaux, Spain, Australia, Italy, Hungary and New Zealand.

In February, Hong Kong and the Mainland of China signed a cooperation agreement on customs facilitation measures for wine entering the Mainland market through Hong Kong.

Commerce and Economic Development Bureau: http://www.cedb.gov.hk/

SOURCE Hong Kong Economic and Trade Office