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HK commerce official hopes for early signing of ASEAN-HK FTA

(Xinhua)    13:14, May 14, 2014
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YANGON, May 13 -- Hong Kong's commerce chief on Tuesday expressed hope for early signing of ASEAN-Hong Kong Free Trade Agreement to push for the further development of economic and trade cooperation between Hong Kong and the Association of Southeast Asian Nations (ASEAN).

In an interview with Xinhua, Gregory So, Secretary for Commerce and Economic Development Bureau of the Government of the Hong Kong Special Administrative Region (SAR) expressed hope for the early signing of the agreement, which in accordance with ASEAN's previous agreement, needs two to three years' time.

Hong Kong SAR will host the first negotiation talks for ASEAN- Hong Kong free trade agreement in July, Greg said ASEAN countries also support the move, said Mr. So.

So stressed the importance of the ASEAN-Hong Kong free trade agreement, saying that ASEAN has already been Hong Kong's second largest trading partner in terms of commodity trade.

He cited that in 2013, Hong Kong-ASEAN commodity trade under the ASEAN economic system amounted to 96 billion U.S. dollars.

As ASEAN stands also as an important trading partner of Hong Kong in terms of service trade, he said in 2012, ASEAN has become Hong Kong's fourth largest trading partner in terms of service sector, which a trade volume of 14 billion dollars.

He held that the agreement is not only concerned with Hong Kong and ASEAN but also contribute to enhancing trade between China and ASEAN.

Of China-ASEAN trade, about over 10 percent go through Hong Kong, registering 45 billion dollars in 2013.

He said China's strategy of "Going out of the country" can be carried out through the use of Hong Kong and its service profession.

Using global supply link is also a good trend of development, he also said.

Asked about the economic and trade relations between Hong Kong and Myanmar, So described the way of the development as positive, adding that many friends in the business circle are interested in coming and investing in Myanmar, especially in the sector of manufacturing, and that Hong Kong attaches importance to the development opportunity in Myanmar.

Myanmar's small and medium enterprises, using Hong Kong as a platform, can develop its market in Chinese mainland of its traditional brands and local products through package and distribution in Hong Kong.

So also emphasized the importance of subregional cooperation by adding Hong Kong to the free trade area that China and ASEAN have already had.

Describing Hong Kong as possessing its own special characteristics playing its special role as a super communicator linking different economic systems, So said Hong Kong's international experience can be used to link the economic systems of ASEAN and other global system.

So attended the 11th forum of ASEAN leaders in Nay Pyi Taw on May 11-12.

According to Hong Kong Trade Development Council, in 2013, Hong Kong exports to ASEAN rose 4.1 per cent to 30.4 billion dollars, while imports from ASEAN to Hong Kong increased 2.4 per cent to 65. 9 billion dollars.

Hong Kong companies still face trade barriers, compared with those in China, Japan or South Korea, all of which have FTAs with ASEAN.

Hong Kong's investment in Myanmar comes after Chinese mainland and Thailand, with 6.4 billion USD being injected into Myanmar's 68 projects as of Jan. 31 this year, accounting for 14.92 percent of the country's total foreign investment.

Hong Kong-Myanmar trade stood at 438.98 million dollars in 2013, of which Myanmar's export to Hong Kong took 423.06 million dollars, while its import from Hong Kong was valued at 15.92 million dollars.

(Editor:WangXin、Gao Yinan)

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