On 6 March 2020, the Investment Promotion and Protection Agreement (IPPA) between Hong Kong and the United Arab Emirate entered into force, bringing the total number of IPPAs in force between Hong Kong and foreign economies to 21*.
Under the IPPA, the two sides undertake to provide:
- investors of the other side with fair, equitable and non-discriminatory treatment of investments;
- compensation in the event of expropriation of investments;
- the right to free transfers abroad of investments and returns; and
- settlement of investment disputes under internationally accepted rules, including arbitration.
*Apart from the economies mentioned above, the other foreign economies with which Hong Kong has signed an IPPA are Austria, the Belgo-Luxembourg Economic Union, Canada, Chile, Denmark, Finland, France, Germany, Italy, Japan, Korea, Kuwait, the Netherlands, New Zealand, Sweden, Switzerland, Thailand and the United Kingdom.
For details, please see:
Press Release of Trade and Industry Department