Commerce and Industry
continued its separate membership under the name 'Hong Kong, China' since the establishment of the HKSAR. In December, Hong Kong attended the 11th WTO Ministerial Conference held in Buenos Aires, Argentina. The Secretary for Commerce and Economic Development, Mr Edward Yau Tang-wah, was one of the Vice-Chairs of the ministerial conference.
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, Mrs Carrie Lam, and the Secretary for Commerce and Economic Development represented Hong Kong in Da Nang, Vietnam, at the 25th APEC Economic Leaders' Meeting and the 29th 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.
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 2017, Hong Kong forged an FTA with ASEAN, signed a CEPA with Macao and concluded FTA negotiations with Georgia. It started FTA negotiations with Australia in May and continued its negotiation with the Maldives. 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.
Hong Kong also launched the Strategic Dialogue on Trade Partnership with the UK to explore opportunities for cooperation and strengthen the bilateral economic relationship.
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. In June 2017, the two sides signed the Investment Agreement and the Agreement on Economic and Technical Cooperation under the CEPA framework to upgrade it into a comprehensive FTA, covering the four major areas of trade in goods, trade in services, investment and economic and technical cooperation.
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