Upholding the Rules-Based Multilateral Trading System

Strategic Insights -

Hong Kong's Secretary for Commerce and Economic Development, Mr Algernon Yau, emphasized the importance of maintaining the multilateral trading system at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, Korea. He noted that recent unilateral tariff measures pose a threat to the system, and that Hong Kong is committed to upholding it. Mr Yau also called for member economies to work together to strengthen the system and finish the unfinished business at the 13th World Trade Organization (WTO) Ministerial Conference.

Mr Yau highlighted Hong Kong's commitment to free trade and its role as a free port. He also encouraged member economies to collaborate on digital trade and the use of Artificial Intelligence (AI) in trade facilitation. Hong Kong is keen to harness the power of AI in trade, with initiatives such as the Trade Single Window, which will use AI to expedite customs clearance procedures.

Key Takeaways:

  • Hong Kong's Secretary for Commerce and Economic Development, Mr Algernon Yau, stressed the importance of upholding the rules-based multilateral trading system at the APEC MRT Meeting.
  • Unilateral tariff measures pose a threat to the multilateral trading system, which is essential for global trade stability.
  • Hong Kong remains committed to the rules-based multilateral trading system and is keen to collaborate with member economies to strengthen it.
  • Mr Yau emphasized the importance of completing the unfinished business at the 13th WTO Ministerial Conference, including bringing into force the Agreement on Fisheries Subsidies.
  • Hong Kong is embracing the transformative power of AI in trade, with initiatives such as the Trade Single Window, which will use AI to expedite customs clearance procedures.
  • Mr Yau encouraged member economies to work together on digital trade and the use of AI in trade facilitation, highlighting Hong Kong's readiness to contribute to and collaborate with fellow member economies.
  • Mr Yau met with high-ranking officials from China, Korea, and New Zealand on the margins of the MRT Meeting to exchange views on various issues of mutual concern.
  • Hong Kong is committed to engaging in constructive dialogues to enhance the WTO's functionality, resilience, and effectiveness.

Statistics:

  • 13th WTO Ministerial Conference: Hong Kong is one of the member economies working to bring into force the Agreement on Fisheries Subsidies.
  • Trade Single Window: Hong Kong's Trade Single Window is adopting AI-powered tools to ensure effective enforcement controls and streamline customs clearance procedures.
  • APEC member economies: Hong Kong is calling for member economies to unite in defending the open, predictable, and inclusive character of global trade.
  • Number of ongoing discussions in international forums on AI development: Hong Kong is participating in ongoing discussions on AI development, including rules setting and governance.

Sources:

  • The Secretary for Commerce and Economic Development, Mr Algernon Yau, speaking at the APEC MRT Meeting in Jeju, Korea.
  • Hong Kong Government special administrative region.
  • The Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting.
  • The World Trade Organization (WTO) Ministerial Conference.