EDWARD YAU ATTENDS APEC MEETING

Secretary for Commerce & Economic Development Edward Yau today spoke at a discussion session titled Supporting the Multilateral Trading System at an Asia-Pacific Economic Cooperation (APEC) ministerial meeting in Bangkok, Thailand.     

At the APEC Ministers Responsible for Trade (MRT) Meeting, Mr Yau said Hong Kong has all along been a staunch supporter of free and open trade and investment, adding that only with a stable and predictable rules-based multilateral trading system, international trade could be effectively conducted, global resources could be put to gainful use, and the livelihood of our people could be collectively improved.

     

“APEC member economies should collectively serve as a powerful and running engine behind the multilateral trading system in searching for common ground to bridge differences and forge consensus,” he said.

     

Meanwhile, Mr Yau noted that Hong Kong considers it vital for the World Trade Organization (WTO) 12th Ministerial Conference (MC12) to be held three weeks later in Geneva, Switzerland, to deliver a WTO response to the pandemic, so that the world can address the immediate challenges and prepare for any future global health crisis.

A successful MC12 is not only important for the WTO itself, but also for the global economy in its recovery from the COVID-19 pandemic, Mr Yau added.

     

In the morning, Mr Yau participated in a public-private dialogue between MRT and the APEC Business Advisory Council, during which he reaffirmed Hong Kong’s support for APEC’s long-term efforts in advancing towards the realisation of the Free Trade Area of the Asia-Pacific (FTAAP).

     

“2022 is a milestone year for FTAAP, not only because of the sweeping transformation of our global trade landscape, but also thanks to the entry into force of the Regional Comprehensive Economic Partnership (RCEP) on January 1 which has provided a fertile ground for the Asia-Pacific region to pursue broader and deeper integration," Mr Yau said.

     

He reiterated that Hong Kong is ready to join and contribute to the RCEP in the soonest future, getting a step closer to the construction of the FTAAP.

     

On the sidelines of the meeting, Mr Yau held bilateral meetings with ASEAN Secretary-General Lim Jock Hoi and New Zealand Minister for Trade & Export Growth Damien O’Connor, to exchange views on issues of mutual concerns.

He also met Chilean Vice Minister of Trade & Undersecretary for International Economic Relations Jose Miguel Ahumada Franco, Singaporean Minister for Trade & Industry Gan Kim Yong and Indonesian Minister of Trade Muhammad Lutfi, to discuss various trade and economic issues.

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