Hong Kong eyes for an early RCEP membership to boost its economy

Source: Global Times Published: 2020/11/22 16:28:12

Hong Kong Photo: VCG

The Financial Secretary of Hong Kong Special Administrative Region, Chan Mo Po, penned an article posted on the official website of Hong Kong Financial Secretary that Hong Kong will strive to join the first batch economies after the RECP agreements take effect. 

Chan said that Hong Kong has expressed willingness for joining the RCEP as early as 2018. "Although Hong Kong exempts most imported goods tariffs and has a small proportion of manufacturing industry, joining the RCEP agreement will benefit (its) services trade and investment," said Chan. 

The total bilateral trade in goods between Hong Kong and the other 15 RCEP economies reached US$765.5 billion in 2019, accounting for 71% of Hong Kong's annual total trade in goods, revealed the statistic of Hong Kong Financial Secretary. 

Chan said in the article that Hong Kong companies can sell their products domestically, establish distribution channels for foreign products in China and open up markets for high-value-added services and professional services in Chinese mainland in the terms of domestic demand. 

Chan said he believed that Hong Kong has advantages in scientific research and innovation, new products development to product standard setting.

Hong Kong's financial services and innovations can play an important role in international external circulation drive. Chan said in the article that as the world's largest offshore RMB trading center, Hong Kong will have more development space in promoting the internationalization of the RMB. 

At the end of the article, Chan argued that the signing of RCEP has an essential implication for enlarging trade globalization. "The agreements of RCEP will reduce trade costs among its member economies," said Chan. 

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