Speaking at a luncheon in Washington DC (Jun 12), Hong Kong’s Secretary for Commerce and Economic Development Edward Yau reaffirmed Hong Kong’s commitment to free trade and the multilateral trading system. Amid the emergence of global trade tensions and protectionist sentiments, Mr Yau said Hong Kong, believes that disputes are best dealt with through negotiations and the World Trade Organization rather than unilaterally. Hong Kong has also taken a multi-pronged approach to diversify its economy and expand its market by reinforcing partnerships and forging alliances through Free Trade Agreements.
At a reception hosted by the Hong Kong Economic and Trade Office in Washington (Jun 11), Mr Yau highlighted the mutually beneficial and expanding trade and economic relationship between Hong Kong and the US. He said the relationship was defined on the unique status of Hong Kong under the Basic Law and the city’s distinct qualities, which include the rule of law buttressed by an independent judiciary, a commitment to creating a pro-trade environment and the free flow of information, goods and people.
Speaking at the American Chamber of Commerce in Hong Kong’s 50th anniversary reception (Jun 10), he pointed out that the bilateral relationship between Hong Kong and the US has flourished over the past 50 years. Trade between the two economies has grown from roughly US$8 billion to US$70 billion.
During his visit to Washington DC, Mr Yau met with US political leaders, think tank members, academics, and leaders of chambers of commerce and business organizations to keep them abreast of Hong Kong's latest developments, as well as to exchange views on current trade issues and the Hong Kong-US bilateral relationship.
Earlier in New York (Jun 10), Mr Yau met with key personalities of the financial, business, legal and academic sectors at a roundtable breakfast meeting, where he emphasized that Hong Kong’s unique strengths are guaranteed under the Basic Law and the city values its core values including the rule of law as well as open and free markets.