Hong Kong’s commerce chief has emphasized the need for the APEC member economies to collaborate through enhanced dialogue and cooperation to achieve shared prosperity amid rapidly evolving global landscape and technological advancements.
Algernon Yau Ying-wah called on the 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.
Any of the cooperation among member economies should continue to be guided by the Putrajaya Vision 2040 and the Aotearoa Plan of Action, Yau said while attending a session of the 37th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting held virtually through video conference on Tuesday evening.
The theme for APEC this year is “Building an Asia-Pacific Community to Prosper Together.”
Citing digital transformation as an example, the secretary for commerce and economic development said practical cooperation is essential for member economies to harness their respective strengths in digital technologies in a people-centered and inclusive manner.
Hong Kong is strengthening its research capacity in frontier technologies and launching programs to promote public awareness and the responsible use of AI.
Speaking at another discussion session, Yau said enhancing economic integration remains a core objective of APEC, with advancing the Free Trade Area of the Asia-Pacific (FTAAP) as a direction.
“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,” he said.
He also highlighted the importance of enhancing cooperation to deal with the seismic changes in the trade landscape. As technological advancement increasingly transforms international trade, deepening cooperation in this area is vital for promoting cross-boundary trade and investment.
Hong Kong fully supports the proposed Trade Digitalization Cooperation Framework as a guiding document for future cooperation, he added.
He 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'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,” said Yau.
