Secretary for Commerce and Economic Development Edward Yau Tang-wah (first right), participated in a public-private dialogue between the Ministers Responsible for Trade and the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council in Bangkok, Thailand, May 21, 2022. (PHOTO / HKSAR GOVERNMENT)

HONG KONG – Deepening regional economic integration is vital for the recovery of the Asia-Pacific from the gloom caused by the COVID-19 pandemic, Secretary for Commerce and Economic Development Edward Yau Tang-wah said Sunday.

Yau said during a discussion on "Living in the COVID-19 and beyond" at the APEC Ministers Responsible for Trade (MRT) Meeting in Bangkok, Thailand that enhancing economic integration is the foundation for a resilient and prosperous future.

“We believe that without winning the battle against COVID, we can't bring back economic recovery. In these trying times, international cooperation is more important than ever,” Yau said.

Secretary for Commerce and Economic Development Edward Yau Tang-wah commended a swift and successful implementation of Regional Comprehensive Economic Partnership that brings 15 Asia-Pacific economies closer to each other

“As a champion of free trade, Hong Kong, China strongly believes that free and open trade and investment play a significant role in reconnecting the region as we seek to lift our economy out of the gloom,” he added.

He commended a swift and successful implementation of Regional Comprehensive Economic Partnership that brings 15 Asia-Pacific economies closer to each other, advancing towards the realization of the Free Trade Area of the Asia-Pacific.

"With that mission in mind, Hong Kong, China is also keen and ready to join RCEP to contribute our part," he said. 

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Yau said the pandemic also further highlighted the urgent need for collaborative efforts to address the supply chain chokepoints and build up resilience against future shocks. 

“Hong Kong, China welcomes the Annex to the MRT Statement which establishes a common definition of logistics-related services to facilitate rules-making in this important services trade category,” he said. 

Yau added that APEC should harness the full potentials of digital technology to reconnect the region, particularly in reducing trade costs, facilitating investment and resuming cross-boundary travel. 

“Digitalisation is instrumental to long-term growth and a full-fledged economic recovery,” he said.

Yau also stressed the utmost importance of extending, “if not making permanent”, the World Trade Organization Moratorium on customs duties on electronic transmissions, to provide a predictable e-commerce environment. 

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On Saturday, Yau said APEC member economies should collectively serve as a “powerful running engine” behind the international trading system. 

"APEC member economies should collectively serve as a powerful and running engine behind the multilateral trading system in searching for common ground to bridge differences and forge consensus," he said.

Only with a stable and predictable rules-based multilateral trading system could international trade be effectively conducted, global resources put to gainful use, and people’s livelihood collectively improved, he added.

Yau also noted that Hong Kong considers it vital for the 12th Ministerial Conference of the WTO to be held in three weeks in Geneva, Switzerland, to deliver a WTO response to the pandemic, so that the world can address the immediate challenges and prepare for any future global health crisis. 

Yau also held bilateral meetings with Secretary-General of ASEAN Dato' Lim Jock Hoi and  Minister for Trade and Export Growth of New Zealand Damien O'Connor to exchange views on issues of mutual concerns. 

He also met with Vice-Minister of Trade and Undersecretary for International Economic Relations of Chile Jose Miguel Ahumada Franco, Minister for Trade and Industry of Singapore Gan Kim Yong, and Minister of Trade of Indonesia Muhammad Lutfi to discuss various trade and economic issues.