HK to expand free trade agreement network, says commerce chief

Hong Kong is actively seeking early accession to the Regional Comprehensive Economic Partnership (RCEP) and expanding the trade agreement network, said Secretary for Commerce and Economic Development Algernon Yau Ying-wah at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Peru.

Yau said the city's action is a testament to the commitment to regional economic integration towards the Free Trade Area of the Asia-Pacific (FTAAP).

He added that RCEP and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership have long been recognized as possible pathways to the FTAAP and called on APEC member economies to promote greater openness and inclusiveness in regional economic integration initiatives to ensure the benefit of all members.

Yau further noted that Hong Kong is also negotiating a new free trade agreement with Peru.

He also briefed other trade ministers on a number of funding schemes and initiatives Hong Kong has been implementing to facilitate trade and assist micro, small and medium enterprises and women entrepreneurs in developing overseas markets, undertaking e-commerce and capitalizing on digitalization. 

Those initiatives included the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund), "E-Commerce Easy" under the BUD Fund and the Trade Single Window. Also, the US$2.6 million (HK$20 million) Women Empowerment Fund seeks to support women's development and realize their full potential.