ENG-2020 — Page 122

5

Commerce and Industry

The Washington ETO represents Hong Kong's overall economic and trade interests in the US, monitors developments that may affect Hong Kong's interests, and promotes Hong Kong's bilateral relations with the US. The New York and San Francisco ETOS cover 31 eastern states and 19 western states of the US respectively.

The ETOS in Sydney, Tokyo and Toronto are responsible for bilateral economic and trade relations in their host countries. In addition, the Sydney ETO covers New Zealand and the Tokyo ETO covers Korea. The Jakarta ETO represents Hong Kong in dealing with the Association of Southeast Asian Nations (ASEAN) as a whole, and in particular matters with Indonesia, Brunei Darussalam, Malaysia and the Philippines. The Bangkok ETO covers Thailand, Bangladesh, Cambodia and Myanmar, while the Singapore ETO covers Singapore, India, Laos and Vietnam.

Promotional activities organised by the ETOs are set out in the 'Promoting Hong Kong Worldwide' section of Chapter 17 Media and Communications.

Preparations are under way to set up an ETO in Dubai in the United Arab Emirates (UAE), expected to commence operation in 2021.

External Commercial Relations

Participation in World Trade Organisation

The rules-based multilateral trading system under the auspices of the WTO is the cornerstone of Hong Kong's external trade policy. Hong Kong is a founding member of the WTO and has continued its separate membership under the name 'Hong Kong, China' since the establishment of the HKSAR. Hong Kong takes part in WTO negotiations and discussions to safeguard and advance Hong Kong's trade interest.

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 2020, Hong Kong conducted about 84 per cent of its external trade with the other 20 APEC member economies.

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 of the OECD, which is an important forum for discussing policies on international trade.

Free Trade Agreements

Hong Kong negotiates free trade agreements (FTAs) with foreign economies to secure more favourable market access for Hong Kong goods and services, thereby creating new

86