ALGERNON YAU ATTENDS ASEAN SESSION

Secretary for Commerce & Economic Development Algernon Yau and Minister of Industry & Commerce of Laos Malaithong Kommasith co-chaired the eighth Association of Southeast Asian Nations (ASEAN) Economic Ministers - Hong Kong, China (HKC) Consultation in Vientiane today.

The session discussed issues relating to the implementation of the ASEAN-HKC Free Trade Agreement (AHKFTA) and the Investment Agreement (IA) and exchanged views on regional and global economic developments.

Mr Yau highlighted the long-term close relationship between Hong Kong and ASEAN, noting that ASEAN is Hong Kong's second-largest partner in trade in goods, the third-largest destination of outward direct investment and the fourth-largest partner in services trade.

He said the three visits to ASEAN led by Chief Executive John Lee since his assumption of office have created business opportunities and strengthened friendships. These visits led to the signing of nearly 90 memoranda of understanding and agreements altogether.

Mr Yau also noted that the signing of the AHKFTA and the IA in 2017 laid a solid foundation for the trade and economic relationship between Hong Kong and ASEAN to grow and flourish, adding that he looked forward to the early implementation of the first protocol to amend the AHKFTA so that traders could benefit from the updated rules of origin as soon as possible.

The commerce chief announced at the meeting Hong Kong's support for the continuation of the Economic & Technical Cooperation Work Programme under the AHKFTA for another five years, with an enhanced contribution by 20% to $6 million a year from 2025.

The work programme aims to build the capacities of the AHKFTA parties through technical assistance, knowledge transfer and information-sharing activities. So far, 35 projects have been approved covering different areas of trade and investment, with 13 of them completed up to end-2023, benefitting more than 5,600 participants from Hong Kong and ASEAN.

Mr Yau took the opportunity to reiterate Hong Kong's keen interest and readiness for accession to the Regional Comprehensive Economic Partnership (RCEP), thanking ASEAN for the staunch and continued support to Hong Kong's accession bid.

"We very much hope to see the early adoption of accession procedures by RCEP members and the launching of substantive discussions between RCEP members and Hong Kong."

He also shared with the ASEAN member states Hong Kong's experience in supporting small and medium enterprises in digital transformation and electronic commerce amid the ever-changing economic environment.

The support measures include the $500 million Digital Transformation Support Pilot Programme, the development of the Trade Single Window, the setting up of an interdepartmental E-commerce Development Task Force, and the launch of "E-commerce Easy" to provide financial support to SMEs in e-commerce business.

Mr Yau called on the ASEAN member states to join hands in eliminating barriers to digital trade and creating an environment that facilities businesses in harnessing the opportunities presented by the digital economy.

He said Hong Kong will continue to work with other World Trade Organization (WTO) members to pursue the extension of the WTO e-commerce moratorium, as well as reinvigorate the Work Programme on Electronic Commerce to promote inclusivity and sustainability of digital trade.

On the sidelines of the meeting, the commerce chief met Secretary-General of ASEAN Kao Kim Hourn to discuss various trade and economic issues.

Mr Yau will next visit Singapore before returning to Hong Kong on September 24.

---

PREVIOUSNEXT