ENG-2003 — Page 156

COMMERCE AND INDUSTRY

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The HKSAR participates actively in the new Round of multilateral trade negotiations launched at the WTO's Fourth Ministerial Conference in Doha, Qatar, in November 2001. Its priority in this round of trade negotiations is to seek greater market access for its services sectors and industrial goods.

In September 2003, the HKSAR took part in the Fifth Ministerial Conference held in Cancun, Mexico, which aimed to take stock of the progresss of negotiations and give further instructions to take them forward. The conference ended without consensus on the direction of the negotiations due to members' divergent positions on some of the key issues. However, by the end of 2003, WTO members had already demonstrated a strong sense of re-engagement for continuous negotiations. The new Round of negotiations is scheduled for completion by January 1, 2005. Hong Kong's business community will benefit from the positive outcome of further multilateral trade negotiations.

As a further demonstration of its commitment to the WTO, the HKSAR has offered to host the Sixth WTO Ministerial Conference. The offer was unanimously accepted by the WTO members in October 2003 although the date has yet to be decided. Besides enhancing Hong Kong's involvement in all key negotiations, hosting of the conference will help raise its international profile, induce considerable economic benefits in the form of tourist receipts, and attract future overseas tourists, international conferences and other business opportunities.

Regional Economic Cooperation

As an integral part of the Asia-Pacific economy and an important services, financial and trading centre, Hong Kong continued to play an active role in enhancing regional economic cooperation. Its economic links with the region remained strong. In 2003, some 83 per cent of Hong Kong's total external trade was conducted with the other 20 member economies of APEC. Hong Kong participates as a full and separate member in APEC and PECC under the name Hong Kong, China.

APEC is a regional forum set up in 1989 for high-level government-to-government dialogue and cooperation on trade and economic issues. Hong Kong joined the forum in 1991. In October, the Chief Executive represented the HKSAR at the 11th APEC Economic Leaders Meeting held in Bangkok, Thailand. The meeting was preceded by the 15th APEC Ministerial Meeting, at which the Secretary for Commerce, Industry and Technology represented the HKSAR.

APEC pursues its goal of free and open trade and investment by 2010 for industrialised economies and 2020 for developing economies through work in three areas trade and investment liberalisation, trade and investment facilitation, and economic and technical cooperation. Hong Kong participates actively in all three. It has been a Vice-Chair of APEC's Committee on Trade and Investment (CTI) since 1996.

Thailand, as the APEC Chair for 2003, has set the overall theme as ‘A World of Differences: Partnership for the Future', with five sub-themes: knowledge-based economy for all; promoting human security; financial architecture for a world of differences; new growth enterprises: SMEs and micro business; and act on development pledge. Hong Kong had its 2002 Individual Action Plan reviewed by other APEC members in August and was commended for its continued openness and commitment to free and open trade and investment.