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The seventh annual Structured Dialogue meeting between the European Union (EU) and the Government of the Hong Kong Special Administrative Region (HKSARG) took place today (November 14) in Hong Kong. The Structured Dialogue meeting is an effective high-level platform for the EU and the HKSARG to discuss issues of common interest based on a mutually agreed agenda.
The meeting was co-chaired for the EU by the Managing Director for Asia and the Pacific, European External Action Service, Mr Viorel Isticioaia Budura, and for Hong Kong by the Deputy Secretary for Commerce and Economic Development (Commerce and Industry), Ms Carol Yuen. The two sides conducted fruitful discussions on a wide range of subjects to deepen mutual understanding, and identified areas for further co-operation.
The Head of the HKSARG delegation, Ms Yuen, welcomed the return of the Head of the EU delegation, Mr Isticioaia Budura, to Hong Kong. She noted that economic and trade relations between Hong Kong and the EU continued to be strong and close. The EU remained the second largest trading partner of Hong Kong, with trade amounting to around HK$638 billion (about EUR 64 billion) in 2012.
"The Structured Dialogue continues to play a significant role in fostering the close ties between Hong Kong and the EU. Both sides recognise the importance to enhance mutual understanding and exchanges of issues of common interest for the benefits of the economies in Hong Kong and the EU. We look forward to working more closely with the EU on areas like education and trade and commerce, and will explore further exchanges relating to competition policy in the coming year," Ms Yuen said.
Mr Isticioaia Budura stated that the EU and Hong Kong are important trade and investment partners. The EU appreciated the successful implementation of the "One Country, Two Systems" principle in Hong Kong and benefitted from the continued prosperity of the Hong Kong economy. He noted that the dialogue this year had served to further solidify existing co-operation between the EU and Hong Kong.
"Hong Kong plays a key role as a regional hub for EU companies. Given its unique position and ample experience as service providers, Hong Kong facilitates EU companies' access to the Mainland and other major markets in the region. We look forward to further enhancing our close economic and trade relations, as well as increasing co-operation in other important areas such as financial services, competition policy, customs, intellectual property rights enforcement, innovation and research, and education with Hong Kong in the future," Mr Isticioaia Budura said.
Both sides provided general updates on economic developments in their economies, including free trade agreement initiatives. The Hong Kong side updated the EU side on the latest developments in the financial services sector, such as the planned establishment of an Independent Insurance Authority, the initiative to enhance the independence of the auditor regulatory regime from the audit profession and the development of offshore Renminbi business. The EU was also kept abreast of the implementation progress of the Competition Ordinance, Hong Kong's ongoing efforts in recognition of the Hong Kong Diploma of Secondary Education, as well as the new blueprints on air quality and waste management.
The EU side reiterated that the EU economy was back on the growth track and that economic recovery would continue. The EU had strengthened its economic governance architecture with unprecedented measures so that the EU and the euro area would be equipped for future challenges. The EU updated Hong Kong on a number of European initiatives of likely interest to Hong Kong, including energy efficiency enhancement, supply chain security, the progress of the EU Academic Programme, Erasmus for All as well as participation in the Bologna Process and the launch of Horizon 2020 in Hong Kong. The EU also updated the Hong Kong side on developments in financial regulations in the EU, including the creation of the Banking Union.
The two sides noted with pleasure the 20th anniversary of the EU office in Hong Kong, which was set up to enhance bilateral relations between the EU and Hong Kong, and looked forward to the visit of the President of the European Commission, Mr José Manuel Barroso, to Hong Kong on November 22, 2013.
Both sides agreed to further enhance collaboration between the European Qualifications Framework and the Hong Kong Qualifications Framework and to maintain close contact through established channels and identify areas for further co-operation at the next round of the dialogue. Finally, both sides re-affirmed their commitment to free trade, with the common objective of making the upcoming ninth Ministerial Conference of the World Trade Organization in Bali in December a success.
Ends/Thursday, November 14, 2013
Issued at HKT 18:25
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