It is very encouraging to note that members of the Regional Comprehensive Economic Partnership (RCEP), the largest free trade agreement in the world, have backed Hong Kong’s bid to join the trade bloc. 

When Hong Kong applied to join RCEP in 2022, total trade between the city and RCEP members stood at around US$860 billion, accounting for over 70% of the city’s total.  Hong Kong has forged FTAs with all 15 member nations except Japan and South Korea. Last month, HKSAR Chief Executive John Lee revealed that all ASEAN members unanimously supported Hong Kong’s application.

Experts have often pointed out that there is no reason to exclude our city from the trade bloc, and I wholeheartedly agree. Hong Kong brings so much to the table, from an excellent business environment to sound financial and legal systems and a simple and competitive tax system. As a renowned green financing hub, Hong Kong offers RCEP members a wealth of opportunities to issue green bonds and other products as they work to boost clean energy use.

With the backing of the Mainland under the “One Country, Two Systems” governing principle, Hong Kong is strategically positioned to inject new vitality into trade and investment. Its location as a bridge to markets in the Greater Bay Area and the Mainland is a significant advantage, especially as a gateway for foreign direct investment from China to Southeast Asia. It also has historic trade links with the United Kingdom, Europe and the United States, further solidifying its role as a global trade hub.

In keeping with the National 14^th Five-Year Plan and to leverage the city’s many advantages, the HKSAR Government has been proactively undertaking missions and signing agreements in the Middle East, Belt & Road and Southeast Asia. 

The Chamber is unwavering in its efforts to promote Hong Kong’s international status. In the past few years, we have organized several overseas outreach initiatives, reflecting our determination. In April, we conducted a successful business mission to the United Arab Emirates and Bahrain, where we forged new ties and deepened existing relationships. Last month, as part of the delegation led by the Chief Executive to Laos, Cambodia and Vietnam, I was honoured to sign MoUs on behalf of the Chamber to expand connections and explore potential investment and business opportunities, further enhancing Hong Kong’s global presence. In May, the Chamber also inked an MoU with Kazakhstan, one of the countries in the Belt & Road.

Hong Kong’s inclusion in RCEP is a win-win situation for all. It would help consolidate the city’s position as a super-connector and boost intra-regional trade, open up investment, and promote diversification. This inclusion would allow trade bloc members to leverage our unique strengths and advantages as an international trade and financial hub, paving the way for a prosperous future.

Agnes Chan
[email protected]