Speech by SCED at APEC MRT Meeting discussion session on "Foster New Engines of Innovative and Dynamic Trade and Investment Cooperation" in Suzhou
Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled "Foster New Engines of Innovative and Dynamic Trade and Investment Cooperation" at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Suzhou today (May 23):
Thank you, Chair, and the Acting Secretary-General of the UN Trade and Development (UNCTAD) for his insightful presentation.
From the Bangkok Goals on Bio-Circular-Green Economy in 2022 to the AI Initiative in 2025 endorsed by our leaders, sustainability and technological advancement have been at the centre stage of our discussions in APEC given their importance in reshaping the global trade landscape and economic growth. As the world's fifth largest merchandise trading entity last year, Hong Kong, China (HKC) has been pursuing digital and green trade to stay resilient and competitive. Allow me to share our experience and our four key directions.
First, HKC has been harnessing the power of AI to provide trade facilitation measures and digitalise our logistics industry. Earlier this month, we have commenced rolling out the final phase of our Trade Single Window system with a view to streamlining trade document submissions, helping traders save time and costs. At the same time, we took advantage of AI technologies to enhance our customs procedures, including processing applications and facilitating cargo clearance. To further facilitate trade, we have launched the Port Community System in January this year to digitally integrate sea, land and air transport networks, thereby enabling real-time cargo tracking and data sharing.
In addition to building a secure digital infrastructure, harmonised regulatory framework and standards are also essential in facilitating digital trade. To this end, HKC is currently in the process of aligning our domestic regulations with the Model Law on Electronic Transferable Records. Within APEC, HKC will organise a workshop this August to enhance the knowledge of using data standards in supply chains, including how it will streamline trade process, support trade compliance and facilitate trade finance.
Second, we recognise the need to popularise AI understanding to enable our people and enterprises to use it safely, responsibly and productively. We will establish a Committee on AI+ and Industry Development Strategy to formulate strategies and create favourable conditions for AI to empower the transformation and development of industries. We have also put in place various initiatives to deepen AI integration and encourage wider AI application, such as developing relevant infrastructure and creating a platform this year to facilitate secure corporate identity authentication and signature verification.
Third, as a global financial centre, HKC has developed financing tools tailored for modern supply chains. A good example is the Project CargoX, launched last year by the Hong Kong Monetary Authority together with public and private sector partners. Project CargoX leverages cargo and trade data to streamline and enhance trade finance processes. We are also working closely with other jurisdictions to explore the use of tokenised electronic bills of lading, which will, among other purposes, facilitate smaller firms to obtain financing more easily.
As we work with other parties in developing cross-border digital trade, we acknowledge that interoperability remains key. In this regard, we fully support the APEC Trade Digitalization Cooperation Framework proposed by China and look forward to implementing the framework with fellow member economies.
Finally, on green and low carbon trade, HKC is fully committed to pursuing the goal of achieving carbon neutrality by 2050 with the support of our strong finance backing. Last year, green and sustainable debt issuance in HKC totalled US$77 billion. To support companies or research institutes to conduct green fintech activities, we have launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme to facilitate the commercialisation of green fintech solutions that can address the industry pain points. In APEC, HKC strongly supports the work on environmental goods and environmental services, and earnestly looks forward to intensifying our efforts.
Thank you, Chair.
Source: AI-found images
