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The Regional Comprehensive Economic Partnership covers nearly a third of the world’s population and about 30 per cent of global gross domestic product. Photo: Xinhua
Hong KongHong Kong economy

Hong Kong could join world’s biggest trading bloc next year, with most members backing city’s inclusion, commerce minister says

  • Hong Kong applied in January last year to join Regional Comprehensive Economic Partnership, a trade pact that covers a third of world’s population
  • ‘The whole vetting process takes about 18 months and I expect Hong Kong can join the free-trade pact next year,’ commerce minister Algernon Yau says
Hong Kong economy
Cannix Yau
Cannix Yau
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Hong Kong could join the world’s biggest free-trade pact next year, after “most members” of the Asia-Pacific-based partnership threw their support behind the financial hub becoming a member, the city’s commerce chief said on Saturday.

The Regional Comprehensive Economic Partnership (RCEP) started vetting Hong Kong’s membership application after the city filed it in January last year, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said.

“RCEP may hold a meeting this year to discuss new applications from different jurisdictions. Most of its members have thrown their support behind Hong Kong becoming a member,” he told a radio programme.

“The whole vetting process takes about 18 months and I expect Hong Kong can join the free-trade pact next year.”

The free-trade agreement covers nearly a third of the world’s population and about 30 per cent of global gross domestic product. Its members include the 10 Asean countries and major trading partners of Hong Kong, such as mainland China, Japan, South Korea, Australia and New Zealand.

The 10 members of the Association of Southeast Asian Nations are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The trade pact, launched on January 1, 2022, aims to eliminate up to 90 per cent of tariffs on imports between its signatories over a 20-year window.

Chinese Premier Li Qiang earlier called on Japan, South Korea and Asean nations to support Hong Kong’s bid to join, saying the countries should collectively promote regional economic integration.
Chinese Premier Li Qiang earlier called on Japan, South Korea and Asean nations to support Hong Kong’s bid to join the free-trade pact. Photo: AP

Hong Kong’s request to join was filed when the free-trade pact only comprised its 10 inaugural economies. Any bid to join RCEP must be approved by member states.

Commerce chief Yau on Saturday also hailed a Belt and Road Summit held in Hong Kong this week as a success, adding that 21 cooperation agreements were signed during the two-day event.

The agreements covered areas such as renewable construction resources, sustainable energy, research and development, infrastructure and logistics.

“Hong Kong is continuing in its role as a super-connector between the mainland and belt and road countries,” he said.

The summit marked the 10th anniversary of the Belt and Road Initiative, Beijing’s push to link dozens of economies in Asia, Europe and Africa as part of a China-centred trade network.
Yau said the event had also touched on opportunities in the Middle East and Southeast Asia, regions which Chief Executive John Lee Ka-chiu visited earlier this year.

Many Hong Kong-based companies had operations in both regions that covered fields such as hydrogen vehicles, environmental protection and logistics, he said.

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