Commerce chief Algernon Yau attends ASEAN forum in Indonesia

The Secretary for Commerce & Economic Development, Algernon Yau, went to the seventh Association of Southeast Asian Nations (ASEAN) Economic Ministers - Hong Kong, China (HKC) Consultation in Semarang, Indonesia.  

He talked with the Indonesian Minister of Trade, Zulkifli Hasan, about the ASEAN-HKC Free Trade Agreement (AHKFTA) and the Investment Agreement (IA) and discussed the recent regional and global economic development.  

Yau added that trade in goods between Hong Kong and ASEAN has increased by 38%, reaching an all-time high of US$165 billion in 2022 since the signing of the AHKFTA and the IA in 2017. Hong Kong’s outward direct investment in ASEAN has also increased by 38%, reaching US$77 billion by the end of 2021.  

He also called on ASEAN member states (AMS) to continue support for Hong Kong’s early accession to the Regional Comprehensive Economic Partnership (RCEP). He also shared with AMS Hong Kong’s experience in supporting small and medium enterprises to navigate the ever-changing regional and global economic development by administering various funding schemes to assist them in obtaining finance, exploring markets, and enhancing competitiveness.  

The commerce chief and the AMS economic ministers announced the finalization of the First Protocol to Amend the AHKFTA, which incorporates the new product-specific rules of origin into the AHKFTA. They agreed to work towards its early implementation to further facilitate seamless trade between ASEAN and HKC.  

Yau also held bilateral meetings with Laos Minister of Industry & Commerce Malaithong Kommasith and ASEAN Secretary-General Kao Kim Hourn to discuss various trade and economic issues.  

He updated them on Hong Kong’s preparatory work seeking early accession to the RCEP. Furthermore, Yau met Philippine Secretary of Trade & Industry Alfredo E Pascual to exchange views on issues of mutual interest.