SCED Advocates Enhanced Cooperation at the 37th APEC Ministerial Meeting to Promote Economic Prosperity and Digital Transformation

SCED attends APEC Ministerial Meeting held virtually

The Secretary for Commerce and Economic Development, Mr Algernon Yau, last evening (November 3) attended the 37th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting held virtually through video conference.

Under the theme for APEC China this year - "Building an Asia-Pacific Community to Prosper Together", Mr Yau at a discussion session highlighted that member economies must act together through enhanced dialogue and co-operation to achieve shared prosperity amid an ever-changing landscape and rapid technological advancement.

Citing digital transformation as an example, Mr Yau said that practical co-operation will continue to be required among member economies to harness their respective strengths in digital technologies in a people-centred and inclusive manner. Domestically, Hong Kong is strengthening its research capacity in frontier technologies, and launching programmes to promote public awareness and responsible use of AI. Hong Kong looks forward to sharing its experiences and engaging in mutual learning with other member economies in these areas.

Meanwhile, Mr Yau called on member economies to continue to strengthen connectivity in various areas, enabling the efficient flow of goods, services, capital, and people, while narrowing development gaps and creating opportunities for all sectors across the region. He added that any of the co-operation among member economies should continue to be guided by the Putrajaya Vision 2040 and the Aotearoa Plan of Action.

At another discussion session, Mr Yau shared his insights on how to enhance economic integration for new growth in the region. Noting that enhancing economic integration has been the core objective of APEC, he said that one of the directions is to continue to advance the Free Trade Area of the Asia-Pacific (FTAAP).

"As part of Hong Kong's wider efforts to contribute to the FTAAP agenda, we have been actively seeking early accession to the Regional Comprehensive Economic Partnership. We welcome the establishment of the Accession Working Group for Hong Kong in September this year, and hope that our accession could inject fresh impetus into advancing the FTAAP agenda," Mr Yau said.

Mr Yau also highlighted the importance of enhancing co-operation to deal with the seismic changes in the trade landscape. As technological advancement is increasingly transforming the conduct of international trade, deepening co-operation on this front is critical to promoting cross-border trade and investment. He said that to this end, Hong Kong fully supports the proposed Trade Digitalization Cooperation Framework as a guiding document for future co-operation.

In addition, Mr Yau stressed that the multilateral trading system must remain the foundation of regional integration and international trade. "We call on member economies to continue supporting the World Trade Organization (WTO)'s reform agenda, incorporating plurilateral initiatives into the WTO framework, finding a permanent solution for the moratorium on customs duties on electronic transmissions, and facilitating the Work Programme on Electronic Commerce," he said.

The Secretary for Commerce and Economic Development, Mr Algernon Yau (right), speaks at a discussion session when attending the 37th Asia-Pacific Economic Cooperation Ministerial Meeting held virtually through video conference last evening (November 3). Looking on is the Director-General of Trade and Industry, Mr Aaron Liu (left). Source: HKSAR Government Press Releases

Government's newly introduced international exhibition on premium lifestyle, The Festival of Connoisseurs, opens today

The new flagship international exhibition on premium lifestyle brought in by the Government, The Festival of Connoisseurs (TFOC), officially opened at AsiaWorld-Expo (AWE) today (November 4). The Financial Secretary, Mr Paul Chan, and the Secretary for Commerce and Economic Development, Mr Algernon Yau, joined by other guests, witnessed the launch of this major exhibition event.

Addressing the opening ceremony, Mr Chan said that TFOC brings together exquisite craftsmanship and innovative ideas. Hong Kong, leveraging its role as a "super connector" and its unique advantages including free flow of capital, goods, talent and information, a simple and low tax regime, as well as its position as the gateway to the Guangdong-Hong Kong-Macao Greater Bay Area, provides an ideal platform for international brands to showcase quality products, expand their customer base, build partnerships and explore more business opportunities.

Mr Chan added that the Government has earmarked $100 million in the Budget this year to attract high-quality, large-scale international exhibitions to Hong Kong, and TFOC was the first exhibition funded under the initiative. The success of TFOC was attributable to the close collaboration between the organiser and local partners, fully demonstrating the fruits of creativity and co-operation. The Government will continue to consolidate Hong Kong's position as an international trade centre and world-class convention and exhibition (C&E) hub, support brands to expand their markets and bring richer experience to visitors.

The Commerce and Economic Development Bureau (CEDB) is responsible for implementing the initiative, and will make good use of the funding to proactively attract more suitable international exhibitions with a view to developing Hong Kong into the first-choice platform for showcasing Mainland and international brands and driving high value-added economic activities.

TFOC, organised by Informa Markets, will be held at AWE for three consecutive days starting from today (November 4 to 6). Instead of the traditional indoor and single venue format, the event extends beyond indoor exhibition halls to outdoor venues for showcasing various global and Mainland renowned brands centred around high-end lifestyle themes such as superyachts and supercars, offering a brand new experience for visitors and attracting a large number of premium exhibitors, buyers and visitors from overseas and the Mainland.

In addition, the organiser has launched a series of pre-exhibition events since November 1 and will partner with the Lantau Yacht Club to stage a crossover between its Festa Nautica 2026 and TFOC, creating a grand event for the yachting sector while enabling the public to enjoy the immersive experience brought by this mega event.

The Government expects exhibitions of such kind will generate new business opportunities, attract high-spending visitors, and enhance brand effects, thereby benefiting Hong Kong's C&E industry and related sectors. The CEDB will continue to work with relevant organisations to identify other international exhibitions of various themes for staging in Hong Kong.

Source: AI-found images