Hong Kong, Mainland and Overseas can be Global partners

The Secretary for Commerce, Industry and Technology of the Hong Kong Special Administrative Region, Mr John Tsang, addressed the Hong Kong Management Association 2003 Annual Conference last month on the topic “Hong Kong, China and the World: Team Players in the Global Economy”.

Mr Tsang discussed the profound changes that the world economy has undergone, saying, “it has become more global, more interdependent, and at the same time, more competitive. ” He expressed his belief that increasing interaction between economies around the world will promote growth and bring enormous benefits. 

Describing free trade as Hong Kong’s lifeblood, Mr Tsang said, “Active and constructive participation in multilateral and regional trade fora is the best option for a small and resource-challenged place like Hong Kong.” He pointed out that Hong Kong will host the next WTO Ministerial Conference, a demonstration of Hong Kong’s commitment to the multilateral principle. 

In regional terms, said Mr Tsang, Hong Kong has been a member of the Asia Pacific Economic Co-operation Forum since 1991. “We share APEC’s vision for free trade and subscribe to the so-called Bogor Goal of achieving free and open trade and investment in the region by 2010 for developed economies and 2020 for developing economies.”

Mr Tsang explained the many new opportunities presented by the recently signed Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the Mainland. “It provides new impetus for deepening and broadening the Mainland-Hong Kong trade and economic partnership, and ushers in a new era in the economic relationship between the two places.”

Looking to the future, Mr Tsang said that in addition to defending free trade in the global arena, Hong Kong people “need to focus on our own advantages and team up with business partners to maintain our competitive position in the global market.”

He pointed out that CEPA provides an excellent framework for building on the collaborative relationship between Hong Kong and the Pearl River Delta and the Yangtze River Delta. 

“CEPA opens a new avenue of co-operation,” concluded Mr Tsang.  “Under CEPA, enterprises in Hong Kong, Mainland and overseas can truly become players of the same team in realising the full benefits of globalisation.”

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