Secretary for Commerce & Economic Development Algernon Yau today stressed the importance of upholding the rules-based multilateral trading system as he attended the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea.
Speaking at a session titled “Connectivity through Multilateral Trading System”, Mr Yau noted that substantive progress has been made at high-level meetings between China and the US, with both sides agreeing to significantly reduce bilateral tariffs and continue discussions in a spirit of openness, communication, co-operation and mutual respect.
He said this marked a pivotal step towards fostering stability in global trade and reinforces a shared commitment to advancing constructive economic relations within the APEC region and beyond.
Mr Yau added that Hong Kong remains firmly committed to the rules-based multilateral trading system and to engaging in constructive dialogue to enhance the functionality, resilience and effectiveness of the World Trade Organization (WTO).
He called upon member economies to unite in defending the open, predictable and inclusive character of global trade and to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.
Mr Yau also urged member economies to intensify efforts conclude unfinished business from the 13th WTO Ministerial Conference. He said this includes bringing the Agreement on Fisheries Subsidies into force, and incorporating the Investment Facilitation for Development Agreement into the WTO’s legal architecture. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges, he added.
At another discussion session, titled “AI Innovation for Trade Facilitation”, Mr Yau said that digitalisation, coupled with AI, is quickly transforming businesses, unlocking new opportunities, and redefining how goods and services move across borders.
He stressed that Hong Kong is keen to embrace the transformative power of AI in trade and ready to contribute and collaborate with fellow member economies on harnessing AI in trade and to drive high-quality growth across the region.
On the margins of the MRT Meeting today, Mr Yau also held meetings with China International Trade Representative & Vice Minister of Commerce Li Chenggang, South Korea’s Deputy Minister for Trade Park Jong-won, and New Zealand’s Minister for Trade & Investment Todd McClay.
