Edward Yau Attends WTO Meeting

Secretary for Commerce & Economic Development Edward Yau attended the Informal World Trade Organization (WTO) Ministerial Meeting in Shanghai today.

Participating ministers discussed their expectations and desired outcomes for the 12th WTO Ministerial Conference and the necessary reform of the WTO at the meeting.

Mr Yau said it is all the more important for WTO members to demonstrate joint efforts and uphold the multilateral trading system’s credibility amid increasing doubts and concerns about the system caused by trade disputes, unilateral measures and the global economic slowdown.

Noting that the WTO’s Appellate Body will become inoperable in a month’s time, which would leave the WTO dispute settlement system in limbo, he urged members to resolve the impasse with pragmatism and flexibility to address concerns about existing rules and practices.

On the 12th WTO Ministerial Conference, Mr Yau said Hong Kong wants to see deliverables in e-commerce, investment facilitation and domestic regulation in services.

The city also shares the view that the WTO needs to constantly review and improve the functioning of the multilateral trading system to ensure its relevance, he added.

Before the meeting, Mr Yau joined the Ministerial Luncheon Meeting on Investment Facilitation for Development.

Participating ministers endorsed at the luncheon a joint statement committing to intensifying work to further develop a multilateral framework on investment facilitation.