Speech by SCED at APEC MRT Meeting discussion session on "Build an Open and Predictable Regional and Multilateral Trade and Economic Order" in Suzhou
Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled "Build an Open and Predictable Regional and Multilateral Trade and Economic Order" at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Suzhou today (May 22):
Good morning, Chair and fellow Ministers. I would like to first express my sincere gratitude to China for organising the meeting in this beautiful city of Suzhou, and for its warm hospitality extended to myself and Hong Kong, China (HKC)'s delegation.
It has been nearly two months since the 14th World Trade Organization (WTO) Ministerial Conference (MC14). While only modest achievements were made in Yaoundé, we should make use of this APEC meeting with Trade Ministers to give a timely impetus and driving force to push forward respective trade measures for strengthening the multilateral and pluralistic trading mechanism, which is particularly crucial amid the turbulent global trade landscape. I sincerely hope that fellow colleagues could build upon the progress achieved at MC14 and expedite follow-up work on those important outstanding issues.
On WTO reform, notwithstanding that consensus on a formal reform process was not reached, the discussions led us to a clear commitment to continue our engagements in Geneva. We urge APEC economies to build on this progress, rise above our differences and collectively build a better WTO that we all seek.
Among the various issues discussed at the MC14, HKC strongly supports extending the moratorium on customs duties on electronic transmissions, as well as the continuation of the Work Programme on Electronic Commerce. For nearly three decades, the moratorium has provided certainty and stability for digital trade, which has become increasingly important in a turbulent world we now face. Without it, any tariffs imposed could stifle digital trade, raise costs, and hurt small and women-owned businesses the most. We therefore call on APEC economies to continue supporting both the moratorium and the related work programme.
In the meantime, also related to electronic commerce, HKC and 65 other WTO members have adopted the interim arrangements for the early implementation of the Agreement on Electronic Commerce, and are preparing for its prompt entry into force. We encourage all APEC economies to join this meaningful Agreement so as to build the momentum for its eventual incorporation into the WTO legal framework.
Against the backdrop of uncertainty and rising protectionism, the multilateral trading system with the WTO at its core provides the much-needed stability, transparency and predictability to international trade, even though its functioning requires meaningful improvements. When its relevance or existence is called into question, APEC's continued support is more important than ever. Leveraging APEC's unique role as an incubator of ideas, we can help advance discussions on outstanding issues, build momentum in transforming the progress achieved at MC14 into concrete outcomes, as well as reinforce and modernise the rules-based multilateral trading system that serves all members.
This brings me to our work in APEC. APEC economies have been pursuing trade liberalisation through various means. Collectively, the Free Trade Area of the Asia-Pacific (FTAAP) is one of our long-term visions for deepening economic integration in the region, as enshrined in the Putrajaya Vision 2040 and various important leaders' documents. As the global trade landscape has undergone unprecedented changes since the idea of FTAAP was first discussed some 20 years ago, HKC fully supports China's efforts this year to develop an FTAAP document to inject new impetus into this initiative, and to demonstrate APEC's ability to lead by example.
As part of HKC's own efforts to contribute to the FTAAP agenda, we are actively seeking early accession to the Regional Comprehensive Economic Partnership (RCEP). We are grateful for the support from RCEP members, and have intensified engagements with RCEP for taking forward our accession request.
We look forward to RCEP's next major milestone in setting up the Accession Working Group for HKC as soon as possible within 2026, and to the continued support in HKC's accession bid. We strongly believe that our accession to RCEP would add concrete impetus to regional economic integration and help advance the FTAAP agenda. Thank you.
The Secretary for Commerce and Economic Development, Mr Algernon Yau, Photo source: reference image
