SCED Highlights Importance of Regional Economic Integration at APEC Ministerial Meeting

Strategic Insights -

The Secretary for Commerce and Economic Development, Mr Edward Yau, emphasized the significance of international cooperation and regional integration for economic recovery from the COVID-19 pandemic at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Bangkok, Thailand. He highlighted that deepening regional economic integration is crucial for a resilient and prosperous future, and that Hong Kong is a staunch supporter of free trade, eager to join the Regional Comprehensive Economic Partnership (RCEP) and contribute to the building of the wider Free Trade Area of Asia-Pacific.

Key Takeaways:

  • Mr. Yau stressed the importance of international cooperation and regional integration for economic recovery from the COVID-19 pandemic, emphasizing that Hong Kong is a staunch supporter of free trade.
  • He highlighted the potential of digital technology to reconnect the region and serve as an instrument for long-term growth and a full-fledged economic recovery.
  • Hong Kong plans to set up a Digital Economy Development Committee to accelerate the progress of digital economy, with the goal of reducing trade costs, facilitating investment, and resuming cross-border travel.
  • APEC members were urged to leverage digital technology to reduce trade costs, facilitate investment, and resume cross-border travel, as well as consider incremental steps forward to address new and emerging environmental goods and further the discussions around environmental services.
  • Mr. Yau met with the Vice Minister of Foreign Trade of Peru, Ms Ana Cecilia Gervasi, and agreed to initiate exploratory talks on a possible bilateral Free Trade Agreement.
  • He also met with the Deputy Minister of Industry and Trade of Vietnam, Mr Tran Quoc Khanh, to exchange views on issues of mutual concerns.

Statistics:

  • The COVID-19 pandemic has been ongoing for two years, with the global economy still grappling with lots of uncertainties and challenges.
  • Mr. Yau stated that АPEC policy makers are prioritizing steps to reconnect the Asia-Pacific region due to the common goal of recovery.
  • Hong Kong has expressed its willingness to join the RCEP and contribute to the building of the wider Free Trade Area of Asia-Pacific.

Sources:

  • SCED highlights importance of regional economic integration at APEC ministerial meeting (with photos)
  • [Hong Kong Government special administrative region] (May 22, 2022)