April 22, 2022
HONG KONG – Hong Kong’s accession to the Regional Comprehensive Economic Partnership agreement will revitalize multilateralism and inject a new impetus into the global trading system, a business veteran at the Boao Forum for Asia said on Wednesday.
Victor Fung Kwok-king, group chairman of Li & Fung Group, said the rules set by the RCEP agreement have lowered barriers to entry for small and medium-sized enterprises, which will benefit regional business and investment
Victor Fung Kwok-king, group chairman of Li & Fung Group, said the rules set by the RCEP agreement have lowered barriers to entry for small and medium-sized enterprises, which will benefit regional business and investment. Hong Kong, as a regional financial and trade hub, could play a coordination and integration role and contribute to the global economic integration development, Fung added.
RCEP is the world’s largest trade bloc. The 15 signatory countries include 10 members of the Association of Southeast Asian Nations — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — plus China, Australia, Japan, New Zealand, and South Korea.
In mid-January, the Hong Kong Special Administrative Region government submitted an application to join the trade bloc. The city could join RCEP in mid-2023 at the earliest.
According to an annual report released by the Boao Forum for Asia on Wednesday, Hong Kong has retained its status as a popular foreign direct investment destination in Asia.
At present, the total trade volume between the SAR and the RCEP economies accounts for 60 percent of the total volume external trade in Hong Kong.