Commerce Ministry supports HK joining RCEP

The Ministry of Commerce will support establishing the Hong Kong Special Administrative Region as a separate customs territory to join the Regional Comprehensive Economic Partnership agreement as soon as possible, a senior government official said.

Addressing a video speech during the 2021 Belt and Road Summit held in Hong Kong, Commerce Minister Wang Wentao said the ministry will support Hong Kong in conducting free trade agreement negotiations with other countries and play a role in the Asia-Pacific Economic Cooperation forum, and further enhance its position as an international financial, trade and shipping center.

The value of trade between Hong Kong and the 15 member economies of the RCEP amounted to $770 billion in 2020, accounting for 73 percent of its total export and import volume. It has also signed free trade agreements with 13 RCEP member economies, according to data released by the regional government.