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Commerce and Industry

continued its separate membership under the name 'Hong Kong, China' since the establishment of the HKSAR. In November, Hong Kong completed its latest WTO Trade Policy Review. WTO members generally commended Hong Kong for its free and open trade policies and its unwavering support for the multilateral trading system.

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, Mr Edward Yau Tang-wah, represented Hong Kong in Port Moresby, Papua New Guinea, at the 26th APEC Economic Leaders' Meeting and the 30th 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.

Hong Kong also takes part in the non-governmental Pacific Economic Cooperation Council through the Hong Kong Committee for Pacific Economic Cooperation. The council comprises government officials, business leaders and academics, and works on policy issues to enhance trade, investment and economic development in the Pacific region.

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.

Free Trade Agreements

Hong Kong negotiates FTAs actively with foreign economies to secure more favourable market access for Hong Kong goods and services, thereby creating new opportunities for Hong Kong businesses and promoting free trade. In 2018, Hong Kong signed an FTA with Georgia, its fifth with foreign economies and the third one signed after the current term of government took office. Hong Kong also concluded FTA negotiations with Australia and the Maldives in the same year.

CEPA with Mainland

The Mainland's economic and trade growth boosts Hong Kong's trade in goods and services. Both sides work constantly to broaden the coverage of CEPA, signed in 2003, and to deepen liberalisation in trade and investment. In December 2018, the two sides signed the Agreement on Trade in Goods under the CEPA framework, consolidating and updating commitments on the liberalisation and facilitation of trade in goods under CEPA, and enhancing the arrangement for rules of origin to provide for the full implementation of zero tariffs on goods of Hong Kong origin exported to the Mainland. CEPA was thereby upgraded to 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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