TRADE AND INDUSTRY
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During the year, Hong Kong participated actively in the work of APEC. In April, the Secretary for the Treasury attended the APEC Finance Ministers' Meeting held in Bali. The Secretary for Economic Services attended the APEC Telecommunications and Information Industry Ministers' Meeting held in Seoul, in May, and the APEC Transportation Ministers' Meeting in Washington in June.
The Secretary for Trade and Industry attended the APEC Small and Medium Enterprises Ministerial Meeting in Adelaide in September, the APEC Ministers' Conference on Regional Science and Technology Co-operation in Beijing in October; and the APEC Ministerial Meeting in Osaka in November. The Financial Secretary represented Hong Kong at the APEC Economic Leaders' Meeting also held in Osaka in November.
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Hong Kong contributed substantially to the formulation of the Action Agenda which was issued at the Economic Leaders' Meeting and which laid down a road map for APEC to achieve the goal of free trade in the region by 2020.
The Hong Kong Committee of the PECC, set up in March 1990 to advise on and co-ordinate the territory's participation in, and input to, the PECC process, continued to participate actively in the Council's various task forces and fora, including the Pacific Economic Outlook, Trade Policy Forum, Financial Markets Development Project and other activities of interest to the Hong Kong economy. A Hong Kong delegation comprising representatives from the business, academic and government sectors participated in the 11th General Meeting of the PECC, held in Beijing from September 27 to 29.
Since 1989, Hong Kong has been participating actively in workshops organised by the Organisation for Economic Co-operation and Development (OECD), as part of its informal dialogue with Dynamic Non-Member Economies. In April 1994, Hong Kong became an observer on the OECD Trade Committee which is an important forum for debates and discussions on trade policy matters, many of which are of concern to the territory. Ideas which are first introduced in this committee are often followed up in other international organisations like the WTO and translated into binding multilateral agreements or codes.
Hong Kong Trade Development Council
The Hong Kong Trade Development Council (TDC) was set up by statute in 1966 with a mandate to promote Hong Kong's trade. Over the years, it has established more than 50 offices in 34 countries, effectively serving Hong Kong's manufacturers and traders as their marketing arm.
The TDC saw strong growth in 1994-95. It organised over 300 international promotional events, providing cost-effective channels for local manufacturers and traders to reach international buyers. These events attracted a record 10 500 Hong Kong companies to participate, generating business worth more than $36 billion to them. Of the 18 fairs and exhibitions organised by TDC in Hong Kong during the year, five are the largest in Asia. The fairs attracted more than 6 600 exhibitors and 1.4 million visitors to Hong Kong.
Central to the TDC's mission is the opening of new and emerging markets for Hong Kong companies. During the year, the TDC devoted nearly two-thirds of its promotional resources to the development of new and emerging markets such as mainland China, Japan, South-east Asia, India, the Middle East, South Africa,