Hong Kong has signed an agreement with Turkey to overcome double taxation issues in cross-border trade and investment, a move that also helped widen the city’s cooperation with more jurisdictions under Beijing’s Belt and Road Initiative.
The initiative, introduced by President Xi Jinping 11 years ago to rebuild the ancient Silk Road in 140 countries, involves building roads, ports, railways and power plants to promote trade flow, backed by funding from China’s state-run development bank.
“This milestone is another tangible illustration of Hong Kong’s determination to expand tax trading equity,” Chief Executive John Lee Ka-chiu said on Tuesday. It highlights “our commitment to boosting ties and relations with developing local economies,” he added.
The U.K.’s economic secretary to the Treasury, Bim Afolami, said the government’s priority is improving the payments landscape and providing regulatory clarity for digital assets and blockchain.
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