STI statement at APEC (1) (English only)

*************************

Statement by the Secretary for Trade and Industry, Mr Chau Tak Hay, at the APEC Ministerial Meeting today (Sunday) in Kuala Lumpur - Agenda Item VI: Electronic Commerce: -

Technological advancement has revolutionised the way we trade and invest. Electronic commerce has made possible global transactions in a seamless environment, and at a speed and cost unimaginable only a few years ago. To survive and remain competitive, no economies can afford to turn a blind eye to the advent, or perhaps more accurately the necessity of e-commerce.

While e-commerce is bringing exponential growth in the volume and efficiency of business and information flows, it also brings challenges to existing policies, regulations and practices over a wide spectrum of activities.

Authentication, traditional distinction between goods and services, impact on border trade measures and on the mobility of capital, as well as supply of foreign services are but a few examples illustrating the complexity of the challenges of e-commerce. Therefore, while seizing the market opportunities presented by e-commerce, we must, at the same time grapple with its associated policy, legal and technical implications.

I am glad that APEC has taken a systematic approach in fostering members' understanding of e-commerce. I wish to commend the work of senior officials and the Task Force on Electronic Commerce, particularly in the development of an APEC Blueprint for Action on Electronic Commerce. The Blueprint sets out principles and a work programme to guide future co-operation on e-commerce in APEC. I am pleased to endorse the Blueprint and would like to welcome the setting up of a virtual steering group to take the Blueprint forward. I urge member economies to continue to co-operate on this very important subject.

This brings me to another shared issue - or more precisely a shared problem of growing urgency - the Y2K problem. In Hong Kong, we are promoting community awareness of the problem, co-ordinating compliance efforts within the public sector, as well as working with industry bodies to provide assistance to enterprises in need of guidance and technical support. At the regional level, it is important that all APEC member economies recognise the importance and urgency of the problem. I welcome the efforts of the Task Force to face up to the problem and, in particular to launch a regional planning experts' conference in early 1999.

Hong Kong, China is committed to enhancing and promoting our information infrastructure and services. We look forward to joining hands with fellow member economies in solving the Y2K problems and in promoting the developing of e-commerce in the region, which can in turn benefit each and every one of us.

End/Sunday, November 15, 1998

NNNN