The commerce chief on Sunday said Hong Kong is looking to expand its trade ties to mitigate external risks, while many countries have been forced to seek new opportunities amid disruptions stemming from tariffs.

Algernon Yau, Secretary for Commerce and Economic Development, also said a number of countries are hoping to strengthen ties with the SAR.

"Every country is seeking new opportunities. Because of Hong Kong's unique position and the country's economic development, many countries are hoping to strengthen economic and trade cooperation with the city," he told a radio programme.

"We need to expand our trade network to reach Latin America, Africa, Central Asia and Eastern Europe, so as to minimise the impacts brought on by external shocks."

Following a closely-watched meeting between President Xi Jinping and US leader Donald Trump in South Korea, Washington announced it would cut tariffs on Chinese goods by 10 percent.

But Yau said the breakthrough in Sino-US trade talks has yet to resolve the issue on tariffs completely.

On a new task force to helping mainland enterprises going global, the minister said authorities are aiming to submit a detailed plan to the chief executive by the end of this year and begin their work in the first quarter of 2026.

Yau, who steers the task force, said the administration is hoping to bring mainland firms in fields such as innovation and technology, artificial intelligence, and finance, to Asean countries and the Middle East first.