Hong Kong’s bid to join RCEP trade bloc receives warm response, chief executive says

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A majority of the members of the Regional Comprehensive Economic Partnership are enthusiastic, John Lee said at a conference on Wednesday

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Hong Kong’s Chief Executive, John Lee, speaks at the CGCC World Chinese Entrepreneurs Summit 2024 in Hong Kong on July 10, 2024. Photo: Handout

Enoch Yiu

Published: 2:33pm, 10 Jul 2024Updated: 11:28pm, 10 Jul 2024

A majority of the members of the Regional Comprehensive Economic Partnership (RCEP) have responded positively to Hong Kong’s application to join the trade bloc, the city’s Chief Executive John Lee Ka-chiu said at a conference on Wednesday.

For the past two years, Hong Kong officials including Lee have been advocating for the city to join the RCEP, which is the world’s largest free-trade pact, encompassing all 10 Asean member states plus China, Japan, South Korea, Australia and New Zealand.

“Hong Kong in 2022 applied to join the RCEP, which promotes regional cooperation,” Lee said in a speech at the Chinese General Chamber of Commerce World Chinese Entrepreneurs Summit in Hong Kong. “The city can contribute a lot to the members of the region in areas such as supply chain management, financial services and fintech development.

“With backing from the Central Government and the efforts of all the parties involved, a majority of RCEP members, including all Asean members, have responded positively to Hong Kong.”

Hong Kong has a sound legal system, free trade, and a good business environment, Antony Chan, vice-president of the Federation of Filipino-Chinese Chambers of Commerce and Industry, said during a panel discussion at the summit.

“Hong Kong has so many advantages that I could not think of any reason not to let Hong Kong join the RCEP,” he said.

The city’s active financial market, large pool of professionals and unique role under the “one country, two systems” regime make it the only city in the world to connect mainland China and the world, Lee said.