Online APEC Session Held

Secretary for Commerce & Economic Development Edward Yau highlighted the significance of unimpeded trade as the solution to global economic recovery at the virtual Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting.

Held yesterday and today, the meeting focused on measures to support and accelerate economic recovery in the post-pandemic era.

Citing Hong Kong’s record highs in trade and investment in recent years, Mr Yau pointed out that free and open trade and investment are the impetus for growth amid global and regional economic challenges.

APEC member economies should stand against protectionism by taking concrete steps to strengthen the rules-based multilateral trading system, with a view to delivering a more open, reliable and predictable trade environment for a robust economic recovery in the region, he urged.

In addition to stressing that international collaboration is of paramount importance in charting the roadmap to a sustainable and inclusive recovery, Mr Yau encouraged APEC member economies to work together on trade and economic policies that could contribute to tackling climate change and environmental challenges for a green recovery.

Noting that the new normal in the post-pandemic era will be driven by technology, Mr Yau reiterated Hong Kong’s support for extending the World Trade Organization’s moratorium on customs duties on electronic transmission in the upcoming ministerial conference.

This will provide an enabling environment for the development of the digital economy, which will be a powerful engine of economic growth in the post-COVID-19 era, he emphasised.

Mr Yau added that Hong Kong will continue to promote the use of online dispute resolution and the implementation of the APEC Collaborative Framework for online dispute resolution in the Asia-Pacific region as an initiative to facilitate the participation of micro, small and medium-sized enterprises in the digital economy.