Beijing lobbying for Hong Kong to join world’s biggest free-trade pact this year: minister

Hong Kong applied to join Regional Comprehensive Economic Partnership two years ago, with bloc representing nearly one-third of world’s population

Commerce chief Algernon Yau also says city pressing ahead with proposals to open trade offices in Saudi Arabia and Malaysia to capitalise on belt and road plan

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The Regional Comprehensive Economic Partnership represents about 30 per cent of the world’s gross domestic product. Photo: Xinhua

Published: 3:41pm, 19 Apr 2024Updated: 4:05pm, 19 Apr 2024

Hong Kong is expected to join the world’s biggest free-trade pact this year despite past delays, as Beijing lobbies all member states to speed up the approval process for the city, the local commerce chief has said.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah said on Friday that Regional Comprehensive Economic Partnership (RCEP) members were still discussing assessment procedures for candidates after a string of meetings.

“All the members could only start vetting new applicants after June last year. But after several meetings, they haven’t reached a consensus, resulting in a delay,” he told a meeting of the Legislative Council’s Finance Committee.

The free-trade agreement covers nearly a third of the world’s population and about 30 per cent of global gross domestic product.

Its membership includes all 10 Asean countries, as well as major trading partners of Hong Kong, such as mainland China, Japan, South Korea, Australia and New Zealand.

Asean, or the Association of Southeast Asian Nations, comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.