Secretary for Commerce and Economic Development Algernon Yau on Wednesday said that improving globalisation is the key to tackle the challenges brought by the volatile international landscape.

Chairing a panel themed "Building Resilient Trade and Investment Frameworks in a Diverse Global Landscape" at the Belt and Road Summit, he said the rules of international commerce and relations between countries and regions had changed due to geopolitical tensions.

Rising protectionism through tariffs, discriminatory regulations, export restrictions, have led to economic consequences, including higher costs and supply chain disruptions, Yau said.

But the minister highlighted that countries and regions should not move away from the international market.

“It is imperative for us to pursue a trade and investment model that can withstand all this unreasonable pressure,” he said.

“We must uphold a rules-based multilateral trading system and to promote transparent and non-discriminatory regulations, and facilitate customs and digital compatibility and ensure that the benefits of trade are shared.”

The commerce chief said the SAR had played a part in helping businesses to open up new markets and diversify supply chains.

For instance, the government offered financial and legal advisory as well as logistics and strategic support services.

Yau noted that by stepping up Hong Kong’s role as a super connector and super value-adder through the Belt and Road Initiative, and the expansion of free trade agreements to promote trade across regions, it would also help companies mitigate risks.

The Belt and Road Summit at the Convention and Exhibition Centre in Wan Chai will conclude on Thursday.




Edited by Tony Sabine