Hong Kong Business News

Secretary for Commerce & Economic Development Algernon Yau said yesterday that Hong Kong is putting the collective Asia-Pacific Economic Cooperation (APEC) goal of advancing broad-based prosperity into action domestically.
 

Mr Yau was attending the 34th APEC Ministerial Meeting in San Francisco, the United States, where spoke at a plenary session titled “building a resilient and interconnected region that advances broad-based economic prosperity.”
 

He told other ministers that Hong Kong is translating APEC’s collective goal through actively expanding economic opportunities for all in the community.
 

He highlighted that Hong Kong has launched the Women Empowerment Fund, with annual funding support of about US$2.6 million. He also explained that the Hong Kong Special Administrative Region Government recently announced the setting up of a dedicated Women Affairs Team and a Commissioner for Women Affairs to steer all work related to women’s affairs.
 

Regionally, he said, Hong Kong sees economic integration initiatives as offering great opportunities to craft inclusive frameworks that widen economic participation.
 

He added: “We welcome the reinvigorated discussions on the Free Trade Area of the Asia-Pacific and remain committed to constructive engagement in APEC to build consensus on next-generation trade and investment issues that are in the mutual interests of all member economies.”
 

Mr Yau said the success of the World Trade Organization (WTO)’s 12th Ministerial Conference (MC) had demonstrated the WTO’s relevance and ability to produce concrete trade solutions, as its members bridged divergence across geopolitical divides.
 

He urged member economies to accelerate efforts towards concluding the WTO Joint Statement Initiative on E-commerce and extending the Moratorium on Customs Duties on Electronic Transmissions.
 

Mr Yau also stressed that it is imperative to restore a fully functional dispute settlement system, which he identified as the defining pillar of the WTO and one that provides the predictability and stability needed for international trade.
 

On the sidelines of the meeting, Mr Yau held bilateral meetings with Peru’s Minister of Foreign Trade & Tourism Juan Carlos Mathews Salazar, and Thailand’s Deputy Minister of Commerce Napintorn Srisunpang, to discuss various trade and economic issues.
 

Mr Yau also met Japan’s Minister of Economy, Trade & Industry Yasutoshi Nishimura.

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