Hong Kong Reiterates Commitment to Rules-Based Multilateral Trading System

Strategic Insights -

Hong Kong's Secretary for Commerce & Economic Development, Algernon Yau, emphasized the importance of upholding the rules-based multilateral trading system during the APEC Ministers Responsible for Trade Meeting in Jeju, South Korea. The meeting highlighted a pivotal step towards fostering stability in global trade, as China and the US agreed to significantly reduce bilateral tariffs. Hong Kong remains committed to engaging in constructive dialogue to enhance the WTO's functionality and effectiveness.

Key Takeaways:

  • Algernon Yau stressed the importance of upholding the rules-based multilateral trading system, citing the need for member economies to unite in defending the open, predictable, and inclusive character of global trade.
  • China and the US have agreed to significantly reduce bilateral tariffs, marking a pivotal step towards fostering stability in global trade.
  • Hong Kong is committed to embracing the transformative power of AI in trade and collaborating with fellow member economies to harness AI in trade and drive high-quality growth across the region.
  • Secretary Yau urged member economies to intensify efforts to conclude unfinished business from the 13th WTO Ministerial Conference, including bringing the Agreement on Fisheries Subsidies into force.
  • Hong Kong is keen to contribute and collaborate with fellow member economies on harnessing AI in trade, and is ready to contribute to and collaborate on harnessing AI in trade.
  • Algernon Yau held meetings with China International Trade Representative & Vice Minister of Commerce Li Chenggang, South Korea's Deputy Minister for Trade Park Jong-won, and New Zealand's Minister for Trade & Investment Todd McClay during the MRT Meeting.

Statistics:

  • 13th WTO Ministerial Conference: unfinished business includes bringing the Agreement on Fisheries Subsidies into force and incorporating the Investment Facilitation for Development Agreement into the WTO's legal architecture.
  • Substantive progress has been made at high-level meetings between China and the US, with both sides agreeing to significantly reduce bilateral tariffs.
  • The Agreement on Fisheries Subsidies aims to bring into force the fisheries subsidy agreement, which aims to prevent overfishing and promote sustainable fisheries.

Sources:

  • Hong Kong SAR Government