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competition policy and transparency in government procurement. The HKSAR also plays a leading role in a number of the WTO committees.
Regional Economic Co-operation
As an integral part of the Asia-Pacific economy and an important services, financial and trading centre, the HKSAR has a role to play and contribution to make in regional economic co-operation. Hong Kong's economic links with the region continued to be strong. In 1997, some 80.3 per cent of the HKSAR's total external trade was conducted with the other 17 member economies of the APEC.
The HKSAR participates as a full and separate member in APEC and PECC using the name 'Hong Kong, China'. Heads of the relevant bureaux attended APEC ministerial meetings on Human Resources Development, Finance, Sustainable Development, Trade, Energy, Small and Medium Enterprises and Transportation. The Chief Executive represented Hong Kong, China at the APEC Economic Leaders Meeting in Vancouver, Canada in November.
The HKSAR was a Vice-Chair of the APEC Committee on Trade and Investment (CTI), and the Convenor of the Government Procurement Experts Group under the CTI. Hong Kong contributed constructively to APEC's work in 1997 towards achieving the goal of free trade and investment in the Asia-Pacific region by 2020.
The Hong Kong Committee for Pacific Economic Co-operation, set up in March 1990 to advise on and co-ordinate Hong Kong's participation in and input to the PECC process, continued to participate actively in the Council's various task forces and fora, including the Trade Policy Forum, the Pacific Economic Outlook and the Financial Markets Development Project. A senior directorate officer of the government was seconded to the PECC International Secretariat in Singapore as its Director General for three years from February 1996.
In September 1997, an HKSAR delegation comprising representatives from the academic, business and government sectors took part in the Twelfth International General Meeting of PECC held in Santiago, Chile. The delegates also participated actively in the Academic Consortium, Trade Policy Forum Experts Roundtable, Co- ordinating Group meeting and Standing Committee meeting held around the same time in Santiago.
Organisation of Economic Co-operation and Development
The HKSAR is an observer on the Trade Committee and the Committee on Financial Markets of OECD which are important forums for debates and discussions on trade and financial service policy matters. Ideas which are introduced in these committees are often followed up in other international organisations such as the WTO and translated into binding multilateral agreements or codes.
The HKSAR participated in the Negotiating Group on the Multilateral Agreement on Investment (MAI) as an observer from September. The MAI, which is being negotiated among OECD members, aims to set high standards for treatment and protection of international investment. The observership would enable the HKSAR to have a better understanding of the on-going negotiations before deciding whether or not to sign onto the MAI.
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