ALGERNON YAU JOINS APEC MEETING

Secretary for Commerce & Economic Development Algernon Yau attended the 35th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting in Lima, Peru, to share Hong Kong’s efforts to promote digitalisation, and inclusive and sustainable growth of trade.

At a discussion session titled “Innovation & digitalisation to promote transition to the formal and global economy”, Mr Yau said digital government services can help slash the cost of doing business and promote participation in the formal and global economy.

He also briefed other ministers on Hong Kong’s investment in digital infrastructure to create an enabling environment for businesses, such as the launch of the Commercial Data Interchange to facilitate data sharing among banks and businesses.

In addition, he noted that Hong Kong, recognising the challenges faced by micro, small and medium-sized enterprises, has been promoting the use of online dispute resolution to resolve cross-border commercial disputes in the Asia-Pacific Region.

Turning to the topic “Sustainable growth for a resilient development”, the commerce chief said that APEC member economies should scale up finance and investment in innovation, research and development to support the transition to a green and low-carbon economy.

As regards Hong Kong’s commitment, he said: “Over the past three years, we issued and arranged an average of over US$63 billion in green bonds and debts annually. We have invested substantial resources in building a vibrant innovation and technology ecosystem, focusing on key sectors such as new energy and new materials.”

At another session titled “Trade & investment for an inclusive & interconnected growth”, Mr Yau reiterated that Hong Kong is actively seeking to join the Regional Comprehensive Economic Partnership (RCEP).

He said: “We are glad to see the recent adoption of its accession procedures and look forward to launching substantive discussions between RCEP members and Hong Kong. We are more than ready to contribute to this largest free trade agreement of the world as a solid building block in creating a more interconnected region.”

On the sidelines of the meeting, Mr Yau met Thai Minister of Commerce Pichai Naripthaphan to update him on Hong Kong’s latest developments and discuss collaboration opportunities. He also held a bilateral meeting with Indonesian Minister of Trade Budi Santoso to exchange views on issues of mutual concern.

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