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Commerce and Industry
Regional Economic Cooperation
Hong Kong plays an active role in enhancing regional economic cooperation. It takes part as a full and separate member in the Asia-Pacific Economic Cooperation (Apec), a regional forum for high-level dialogue and trade and economic cooperation, under the name 'Hong Kong, China' In November, the Chief Executive, Mr CY Leung, and the Secretary for Commerce and Economic Development, Mr Gregory So Kam-leung, represented Hong Kong in Lima, Peru, at the 24th Apec Economic Leaders' Meeting and 28th Apec Ministerial Meeting respectively. Hong Kong conducted about 84 per cent of its external trade with the other 20 Apec member economies during the year.
The Pacific Economic Cooperation Council is a non-governmental regional forum comprising government officials, business leaders and academics. It works on policy issues to enhance trade, investment and economic development in the Pacific region. The Hong Kong Committee for Pacific Economic Cooperation advises on and coordinates Hong Kong's participation in the council and plays an active role in the council's activities.
Organisation for Economic Cooperation and Development
Hong Kong takes part in the Trade Committee and the Committee on Financial Markets of the OECD, which are important forums for discussing policies on international trade and financial. services.
Plurilateral and Bilateral Trade Agreements
To secure more favourable market access for Hong Kong goods and services, the government pursues free trade agreements (FTAs) with trading partners. In 2016, Hong Kong carried on its FTA negotiation with ASEAN and discussions with Macao on a closer economic partnership arrangement. It started FTA negotiations with Georgia and the Maldives in September. Negotiations with some WTO members on a Trade in Services Agreement and an Environmental Goods Agreement continued. These agreements seek to enhance trade and investment flows between Hong Kong and relevant markets, generate new opportunities for Hong Kong businesses, and boost economic growth.
CEPA with Mainland
The Mainland's economic and trade growth has boosted Hong Kong's trade in goods and services. Since the signing of CEPA in 2003, the two sides have continuously broadened CEPA's coverage and deepened liberalisation on trade in services. The Agreement on Trade in Services signed under the CEPA framework to basically achieve liberalisation of trade in services. between Hong Kong and the Mainland was implemented on 1 June 2016. This agreement opens up 153 service sectors on the Mainland to Hong Kong service suppliers, accounting for 95.6 per cent of all services sectors according to the WTO's classification.
Under CEPA, the Mainland applies zero tariff to all imported goods of Hong Kong origin that meet agreed CEPA rules of origin. As at end-2016, the rules of origin for some 1,820 products had been agreed.
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