Trade and Industry Advisory Board meeting held

Hong Kong (HKSAR) -      The expanded Trade and Industry Advisory Board (TIAB) held its second meeting today (November 30) to discuss Hong Kong's participation in the Belt and Road Initiative, the Free Trade Agreement (FTA) between Hong Kong and the Association of Southeast Asian Nations (ASEAN), the Investment Agreement and Agreement on Economic and Technical Cooperation under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and other issues.

     To enable Hong Kong to fully participate and contribute to the Belt and Road Initiative, the Government is discussing with the National Development and Reform Commission (NDRC) the signing of an agreement that will serve as a guide and blueprint for mutual co-operation. The TIAB examined the relevant issues and noted that the discussion is making good progress and will soon reach the final stage for signing.

     The Secretary for Commerce and Economic Development and the TIAB chairman, Mr Edward Yau, said, "We hope that through the agreement a joint working mechanism with the NDRC, the Hong Kong and Macao Affairs Office and other relevant ministries and commissions can be established. It will serve as the platform for direct communication which will enable us to know at the earliest opportunity what business opportunities and special projects will be available for Hong Kong to collaborate on with our country in furthering the Belt and Road Initiative."

     The Government, in conjunction with the Belt and Road General Chamber of Commerce, will hold a seminar on the strategies and opportunities for state-owned enterprises under the Belt and Road Initiative in Beijing early next year.

A Hong Kong delegation comprising business representatives and professionals will participate at the event. The Chairman invited members to join the delegation and attend the event to promote Hong Kong's strengths together with representatives of various sectors.

     The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, and the Executive Director (External) of the Hong Kong Monetary Authority, Mr Vincent Lee, also briefed members on opportunities for Hong Kong in the financial field brought about by the Belt and Road Initiative, including international investment and financing, offshore Renminbi business, corporate treasury, risk management, green finance and the work of the Infrastructure Financing Facilitation Office.

     Hong Kong and ASEAN signed an FTA and an Investment Agreement on November 12 this year, marking an important milestone in the economic relations between Hong Kong and ASEAN. Members at the meeting concurred that the agreements would lead to further business opportunities for Hong Kong and that this platform would encourage closer economic relations, foster economic integration in the region, enable the joint tackling of trade protectionism, and inject new impetus to development in the region.

     The Board also discussed economic and trade development initiatives in the Policy Address, as well as government support for Hong Kong enterprises in expanding their markets.

Published on: 2017-11-30

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