New Zealand and Hongkong are now in the arrement to cooperate on wine related business for Hong Kong’s development as regional wine trading and distribution place. The said agreement named as Arrangement for Co-operation on Wine-related business. This was signed by Hong Kong's Secretary for Commerce and Economic Development Rita Lau and New Zealand Trade Minister and Associate Foreign Affairs Minister Tim Groser who is visiting Hong Kong.

The agreement says that the two counties will strengthen cooperation in the promotion of wine-related trading, investment, tourism and education and in the fight against counterfeit wine. Also, they will share trade-related information such as market conditions to facilitate trade and business promotion activities, share information and experience on sustainably produced wines in New Zealand, and step up cooperation, where possible, in international organizations where both Hong Kong and New Zealand participate.

Furthermore, according to Lau, Hong Kong is now the tenth largest source of wine imports and because of this agreement, Hong Kong is the regional hub for wine trading and an efficient and reliable avenue for wine exports.

Moreover, Hong Kong became the first free wine port among major economies when the Financial Secretary eliminated wine duties in his Budget last year. In the year ending March 2009, the value of wine imports into Hong Kong has increased 80 percent to 3.198 billion Hong Kong dollars year-on-year.

Since August last year, the Hong Kong Special Administrative Region government has signed six similar agreements with France, Bordeaux of France, Spain, Australia, Italy and Hungary.

This only proves that wine business is still emerging nowadays. [via news.xinhuanet.com]