Secretary for Commerce and Economic Development Algernon Yau Ying-wah (right) holds a bilateral meeting with the Minister of Foreign Trade and Tourism of Peru Juan Carlos Mathews Salazar on the sidelines of the 34th Asia-Pacific Economic Cooperation Ministerial Meeting in San Francisco, the United States, Nov 15, 2023. (PHOTO / HKSAR GOVERNMENT)
At a plenary session of the 34th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting on Thursday, Algernon Yau Ying-wah, secretary for commerce and economic development, called for APEC members to build resilience through cooperation to ensure prosperity for all people, and shared with his counterparts Hong Kong’s efforts to translate the collective goal of advancing broad-based prosperity into concrete actions.
Hong Kong has implemented an array of measures to expand economic opportunities for all in the community. Taking women within the community as an example, Yau said that in addition to the Women Empowerment Fund — an annual funding of about HK$20 million ($2.6 million) — the Policy Address, released on Oct 25, also announced that a dedicated Women Affairs Team would be set up, and the position of Commissioner for Women Affairs would be created.
Speaking of the opportunities arising from the digital economy, Algernon Yau Ying-wah, secretary for commerce and economic development, urged member economies to step up their efforts to conclude the WTO Joint Statement Initiative on E-commerce and to extend the Moratorium on Customs Duties on Electronic Transmissions
“Regionally, Hong Kong sees tremendous opportunities in economic integration initiatives to craft inclusive frameworks that widen economic participation,” Yau said.
“We welcome the reinvigorated discussions on the Free Trade Area of the Asia-Pacific and remain committed to constructive engagement in APEC to build consensus on next-generation trade and investment issues that are in the mutual interests of all member economies,” the commerce chief added.
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Yau also highlighted the success of the World Trade Organization’s 12th Ministerial Conference in mid-2022 as a testament to the WTO’s relevance and its ability to produce concrete trade solutions. He stressed that this achievement had relied heavily on WTO members’ efforts to bridge divergence across geopolitical divides.
Results-oriented pragmatism and flexibility will again be key to achieving meaningful outcomes at the 13th WTO Ministerial Conference in Abu Dhabi next year, Yau said.
“Also imperative is to restore a fully functional dispute settlement system, the defining pillar of the WTO that provides the predictability and stability needed for international trade.”
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Speaking of the opportunities arising from the digital economy, he urged member economies to step up their efforts to conclude the WTO Joint Statement Initiative on E-commerce and to extend the Moratorium on Customs Duties on Electronic Transmissions.
On the sidelines of the meeting, Yau held bilateral meetings with Juan Carlos Mathews Salazar, minister of foreign trade and tourism of Peru, and Napintorn Srisunpang, deputy minister of commerce of Thailand, to discuss trade and economic issues. Yau also met with Minister of Economy, Trade and Industry of Japan, Yasutoshi Nishimura, to exchange views on issues of mutual concern.
Yau is scheduled to return to Hong Kong on Saturday morning.
