HK applauded as an APEC model member economy

18 Jan '07

3 min read

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 (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-Generalof Trade and Industry, Mr Joseph Lai Yee-tak, said he was greatly encouraged by the positive remarks made in the study report.

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