HK Pursues Free Trade

Secretary for Commerce & Economic Development Edward Yau stressed that Hong Kong vigorously pursues a free trade policy and firmly believes in a multilateral trading system, as he continued his duty visit to Washington, DC.

Mr Yau shared his insights on the state of free trade from Hong Kong's perspective with about 60 US business and academic leaders at a luncheon co-organised by the Hong Kong Economic & Trade Office, Washington, DC and the Brookings Institution.

He stated despite its small size, Hong Kong has been the seventh largest merchandise trading entity in the world.

Noting the emergence of trade tensions and protectionist sentiments around the world, Mr Yau said this is a testing time as the free trade philosophy that many economies subscribe to comes into doubt.

He also noted that as a free trade practitioner and staunch supporter of the multilateral trading system, Hong Kong believes that disputes are best dealt with through negotiations and the World Trade Organization rather than unilaterally.

Mr Yau made it clear that Hong Kong has taken a multipronged approach to diversify its economy and broaden its consumer market catchment by reinforcing partnerships.

He shared that Hong Kong is forging alliances through the signing of free trade agreements (FTAs) such as the FTA it signed with Australia in March.

In addition to joining the luncheon, Mr Yau met Deputy Chief of Mission and Minister of the Chinese Embassy in the US Li Kexin.

The commerce chief will leave for Hong Kong tomorrow.

Under Secretary for Commerce & Economic Development Bernard Chan will, in the place of Mr Yau, lead a business and professional mission to Dubai, the United Arab Emirates on June 16 and 17.