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and Pacific Economic Cooperation Council (PECC) under the name of Hong Kong, China.
APEC is a regional forum for high-level government-to-government dialogue and cooperation on trade and economic issues. In November, the Chief Executive represented Hong Kong at the 14th APEC Economic Leaders' Meeting held in Hanoi. The meeting was preceded by the 18th APEC Ministerial Meeting, where Hong Kong was represented by the Secretary for Commerce, Industry and Technology.
APEC pursues its goal of free and open trade and investment by 2010 for industrialised economies and 2020 for developing economies through work in trade and investment liberalisation, trade and investment facilitation, and economic and technical cooperation. Hong Kong participates actively in all three areas. It has been a Vice-Chair of APEC's Committee on Trade and Investment (CTI) since 1996, and Vice-Chair of APEC's Economic Committee since 2001.
PECC is a non-governmental regional forum comprising government officials, business leaders and academics who work in their personal capacity on practical policy issues to enhance trade, investment and economic development in the Pacific region. The Hong Kong Committee for Pacific Economic Cooperation, which advises on and coordinates the HKSAR's participation in and input to the PECC process, continues to play an active role in PECC's various activities.
Observer Role in Organisation for Economic Cooperation and Development
Hong Kong is an observer on the Trade Committee and the Committee on Financial Markets of the Paris-based Organisation for Economic Cooperation and Development (OECD), which are important forums for discussions on policy matters in respect of trade and financial services. Ideas introduced in these committees are often followed up in other international organisations such as the WTO and eventually translated into binding multilateral agreements or codes.
Regional Trade Agreements
The Government is committed to the primacy of the multilateral trading system under the WTO. That notwithstanding, in response to new trends in world trade, the Government will seek to enter into more economic and trade arrangements with trading partners so long as they are in Hong Kong's interests, consistent with WTO provisions, contributive to multilateral trade liberalisation, and can deliver better access to overseas markets under more favourable conditions for Hong Kong goods and services.
Mainland and Hong Kong Closer Economic Partnership Arrangement
The Central People's Government (CPG) and the HKSAR Government signed the Supplement II to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) on June 27, 2006.
On trade in goods, the Mainland has applied zero tariff to all imported goods of Hong Kong origin since January 1, 2006, upon application by local manufacturers and upon the CEPA rules of origin (ROOS) being agreed and met. With the two sides. reaching agreement on the CEPA ROOS for more products in 2006, a cumulative total