ENG-2008 — Page 148

104 Commerce and Industry

Regional Economic Co-operation

As an important services, financial and trading centre as well as an integral part of the Asia-Pacific economy, Hong Kong continues to play an active role in enhancing regional economic co-operation. Asia-Pacific Economic Co-operation (APEC) is a regional forum for high-level dialogue and co-operation on trade and economic issues. Hong Kong participates as a full and separate member of APEC under the name of 'Hong Kong, China'. In November, the Chief Executive represented Hong Kong at the 16th APEC Economic Leaders' Meeting held in Lima, Peru. The meeting was preceded by the 20th APEC Ministerial Meeting, where Hong Kong was represented by the Secretary for Commerce and Economic Development. In 2008, some 83 per cent of Hong Kong's external trade was conducted with the other 20 member economies of APEC.

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, business facilitation, and economic and technical co-operation. Hong Kong participates in all three areas.

Pacific Economic Co-operation Council (PECC) is a non-governmental regional forum comprising government officials, business leaders and academics working on policy issues to enhance trade, investment and economic development in the Pacific region. The Hong Kong Committee for Pacific Economic Co-operation, which advises on and co-ordinates HKSAR's participation in the PECC process, continues to play an active role in PECC's activities.

Organisation for Economic Co-operation and Development

Hong Kong is an observer on the Trade Committee and the Committee on Financial Markets of the Paris-based Organisation for Economic Co-operation and Development, which are important forums for discussions on policy matters in respect of trade and financial services. Ideas introduced in these committees are sometimes followed up in other international organisations such as the WTO and may eventually be translated into binding multilateral agreements or codes.

Regional and Bilateral 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 allow more favourable access to overseas markets 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 V to the CEPA on July 29, 2008. A package of liberalisation and facilitation measures for early and pilot implementation in Guangdong Province was also announced on the same day.