Press Releases

STI hopes APEC will provide push for new global trade talks
Tuesday, September 7, 1999

Secretary for Trade and Industry Mr Chau Tak Hay hopes this year's APEC meeting in New Zealand can provide the impetus to launch a new global round of trade liberalisation talks.

Mr Chau, who arrived in Auckland today (Tuesday) for the 11th annual APEC meeting, said he hoped APEC's economic leaders would make a strong declaration supporting the launch of a new round of broad-based, multi-lateral trade talks at the World Trade Organization's 3rd Ministerial Conference in Seattle in November.

"Hong Kong and a group of like-minded economies have been working very hard within the WTO to launch a new round of talks, which many are referring to as the 'Millennium Round'," said Mr Chau.

"The last such round was in Uruguay in 1994 and there is a built-in agenda to take forward liberalisation in agriculture, services and industrial goods.

"However, we would like to see more comprehensive, broad-based talks.

"There are more than 130 countries in the WTO and many of them are developing countries.

"So unless we recognise their different levels of development, and make genuine efforts to accommodate their divergent interests, we will not be able to get them interested in supporting a new round.

"A powerful declaration from APEC leaders will provide impetus and political support for these negotiations within the WTO."

Mr Chau pointed out that APEC's 21 member economies accounted for about half of world trade and included 13 of the world's top 25 trading economies.

He said APEC was an extremely valuable forum which provided members with an excellent environment to address bilateral and multi-lateral issues of concern.

"The leaders, ministers and officials have developed a good rapport over the years. And when you have a good rapport, it is always easier to find common ground or to settle any differences."

Mr Chau said APEC had made 'substantial achievements' during its first decade.

"APEC members continue to liberalise their economies, some of them even at faster rates than what they had agreed," he said.

"There have been substantial improvements in the facilitation of trade, in cutting paperwork, regulations and Customs procedures.

"The trend of liberalisation is gaining momentum and of course this has been very good for Hong Kong because we already have a very open economy with no tariffs and virtually no duties payable."

Mr Chau said APEC was an important international forum for Hong Kong, as it demonstrated the 'One Country, Two Systems' concept was being successfully implemented since reunification with China on July 1, 1997.

"It is very important for us because it reinforces our autonomy in trade and economic affairs as well as our position as one of Asia's leading international cities," he said.

Director-General of Trade Mr Joshua Law today attended the first of two days of Senior Officials Meetings that precede the APEC Ministerial Meetings on Thursday and Friday, and the Economic Leaders Meeting on September 12 and 13.