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Hong Kong hopes to join the Regional Comprehensive Economic Partnership

According to Hong Kong leader John Lee, Hong Kong is well-positioned to help RCEP members leverage the ‘limitless opportunities’ of the Greater Bay Area
  • The RCEP is a free trade agreement between 15 countries in the Asia-Pacific region and came into effect in 2022

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ARTICLE BY

PUBLISHED

Hong Kong is actively trying to join the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement (FTA) between the mainland, Japan, South Korea, 10 Southeast Asian nations, Australia and New Zealand, reports Hong Kong’s public broadcaster RTHK.

Speaking at a summit organised by the Chinese General Chamber of Commerce on Wednesday, Chief Executive John Lee said that Hong Kong had a lot to offer companies in RCEP member countries – including supply chain management, financial services and professional services.

Hong Kong “will assist them to better connect and leverage the limitless opportunities” brought by the Greater Bay Area (GBA), he said, “promoting economic development and innovation in the RCEP member countries and the overall region.”

[See more: Hong Kong is emerging as the GBA’s wealth management ‘super connector’]

Lee also described Hong Kong as a safe and convenient place for mainland companies to expand globally, and for foreign companies to enter the mainland market.

He noted that representatives from his government had been garnering support from existing RCEP members for Hong Kong’s accession.

The RCEP came into force at the start of 2022. Hong Kong is currently a signatory to eight other FTAs, with the mainland, New Zealand, member states of the European Free Trade Association (EFTA), Chile, Macao, the Association of Southeast Asian Nations (ASEAN), Georgia and Australia. It is also negotiating an FTA with Peru.

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