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Hong Kong was applauded as a "model member economy" in trade and investment liberalisation and facilitation in its Individual Action Plan (IAP) Peer Review Session held today (January 16, Canberra time) in Canberra, Australia, as part of the meetings of the 2007 First Senior Officials' Meeting of Asia-Pacific Economic Co-operation (APEC).
The study report on the action plan noted that Hong Kong had long maintained a free-market economy and a liberal trade and investment regime. The experts who wrote the report reiterated during the session that Hong Kong could be considered as the APEC member economy that was closest to achieving the Bogor Goals.
In 1994, APEC economic leaders committed in their statement made in Bogor, Indonesia, to seek to achieve the long-term goal of free and open trade and investment in the Asia-Pacific by no later than 2010 for industrialised economies and 2020 for developing economies. The purpose of the review exercise is to evaluate Hong Kong's advancement in achieving this commitment of the leaders, known as "the Bogor Goals".
The report said that Hong Kong's trade and investment regime provided a "model" against which many other APEC member economies could benchmark their efforts as they progressed towards the Bogor Goals.
Leading the Hong Kong, China, delegation which included officials from the Trade and Industry Department, the Financial Secretary's Office and the Customs and Excise Department, the Director-General of Trade and Industry, Mr Joseph Lai Yee-tak, said he was greatly encouraged by the positive remarks made in the study report.
In his statement made at the review session, Mr Lai explained that Hong Kong maintained a long-established policy of free and open trade and investment without any barriers on trade, as best evidenced by being named the freest economy for the 13th consecutive year by the Heritage Foundation.
Principal Economist Miss Elley Mao gave an overall account of Hong Kong's recent economic and fiscal situations, followed by Assistant Commissioner for Customs and Excise Mr Chow Kwong who outlined Hong Kong's efforts in protecting intellectual property rights (IPR).
In underlining Hong Kong's long-standing commitment to free trade, Mr Lai took the opportunity to appeal to APEC member economies for their support in concluding an ambitious and balanced World Trade Organization Doha agreement.
Mr Lai said Hong Kong's firm commitment to protecting IPR through a four-pronged approach - legislation, enforcement, public education and co-operation with IPR owners and other law enforcement agencies. He also provided a brief update on the development of competition policy in Hong Kong.
Mr Lai joined 20 other APEC senior officials yesterday (January 15, Canberra time) to discuss various issues including regional economic integration, behind-the-border barriers to trade and structural reform. APEC senior officials will meet again on Thursday (January 18) to continue the discussion.
Mr Lai will return to Hong Kong on Friday (January 19).
APEC was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community. APEC has 21 member economies - Australia; Brunei Darussalam; Canada; Chile; the People's Republic of China; Hong Kong, China; Indonesia; Japan; the Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Republic of the Philippines; Russia; Singapore; Chinese Taipei; Thailand; the United States and Vietnam.
Ends/Tuesday, January 16, 2007
Issued at HKT 19:01
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