WTO members commend HK for its free trade regime

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Members of the World Trade Organization have commended Hong Kong for its continued adoption of free and open trade policies and maintaining strong fiscal and financial fundamentals even amidst the COVID-19 pandemic.

Hong Kong’s business-friendly rankings, predictable tax environment and legal system made the city an important trade hub, said the WTO members at a Trade Policy Review meeting that concluded in Geneva, Switzerland on Friday.

Praising Hong Kong for its detailed and informative updates on its trade and economic policies including on financial services, intellectual property rights, trade facilitation, small and medium-sized enterprises (SMEs), women participation and green transition, Chairperson of the review body Saqer Abdullah Almoqbel said Hong Kong maintained its status as one of the most prominent international trade and financial hubs, and as a market-orientated economy.

The WTO members have shown appreciation for the city’s continued adoption of a free and open trade policy and commitment to the multilateral trading system including its constructive participation in WTO committees and WTO reform.

He noted that the city’s business-friendly rankings, predictable tax environment and legal system made it an important trade hub.

Maggie Wong Siu-chu, who led the Hong Kong delegation, said Hong Kong takes pride and is encouraged by commendation and recognition from the WTO members.

She emphasized that Hong Kong will keep advancing the ongoing negotiations and reforming discussions with other WTO members.

The meeting, part of the WTO Trade Policy Review Mechanism, aims at enhancing the transparency and understanding of members’ trade policies and practices between participants of the global organization.

(China Daily)

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