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The World Trade Organization (WTO) commended Hong Kong once again for its open and free trade policy at a Trade Policy Review meeting held today (December 15) and on December 13 in Geneva.
This was the fifth Review on Hong Kong, and the third one since the inception of the WTO and Hong Kong's reunification with China.
Leading the Hong Kong, China delegation, the Permanent Secretary for Commerce, Industry and Technology (Commerce and Industry), Miss Yvonne Choi said: "We are pleased to note WTO Members' strong endorsement of our open and free trade policy; and their unanimous commendation, in particular, for Hong Kong¡¯s staunch support of the multilateral trading system and our commitment to the liberalisation of world trade.
¡°WTO Members also applauded Hong Kong's active and constructive participation in the WTO. In particular, they hailed Hong Kong's successful hosting of the WTO Sixth Ministerial Conference in December 2005,¡± she said.
¡°The three rounds of Trade Policy Reviews in the WTO forum held since our re-unification with China have more than amply demonstrated the successful implementation of the 'one country, two systems' principle,¡± Miss Choi added.
The Trade Policy Review examined Hong Kong's economic environment, trade policy regime and sectoral policies. Issues such as our measures to attract foreign direct investment, competition policy, intellectual property protection regime, tax reform, excise duty on wine and rice control scheme were highlighted. Hong Kong¡¯s closer economic ties with the Mainland of China, brought about by the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), and the latest developments in various services sectors like financial services were also covered.
Referring to Hong Kong's free trade regime, Ambassador Mario Matus of Chile, the discussant of the Review, said that ¡°Adam Smith and David Ricardo might have been buried in the UK, but their spirits are still very alive in Hong Kong¡±.
¡°Hong Kong, China is the jewel of the crown of free trade,¡± Ambassador Matus said, ¡°and should be considered as an example of free trade in practice that other Members may follow.¡±
In her concluding remarks, the Chairperson of the WTO Trade Policy Review Body, Ambassador Claudia Uribe of Columbia, noted Members' commendation for Hong Kong, China for maintaining one of the most open economies in the world and a business friendly place while at the same time scoring high in relation to socio-economic benchmarks. While noting some Members' remarks on certain aspects of Hong Kong's trade policies and practices, she concluded that it was a highly successful review.
¡°Hong Kong, China takes WTO Members' views expressed in the Review seriously. The Review has reinforced our resolve in the pursuit of our free and open trade policies,¡± Miss Choi said.
The Trade Policy Review Mechanism aims to enhance the transparency of the economic and trade regimes of individual WTO members. Hong Kong is subject to the Trade Policy Review once every four years.
Ends/Friday, December 15, 2006
Issued at HKT 21:57
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