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Members of the World Trade Organization (WTO) commended Hong Kong again for its open and free trade policies at a Trade Policy Review (Review) meeting held in Geneva today (November 21, Geneva time), and on November 19.
Leading the Hong Kong delegation, Deputy Secretary for Commerce and Economic Development, Ms Carol Yuen, said, "We are encouraged by WTO Members' commendation of our open and free trade policies as well as Hong Kong's active and constructive role in strengthening the WTO and the multilateral trading system. We are also pleased with Members' recognition of our efforts in the further liberalisation of our trade and investment regime, our work in enacting the Competition Ordinance and the enhanced protection of intellectual property (IP) rights."
"We fully appreciate that besides efforts to hone our competitiveness, a stable external environment is essential to the sustainable development of our economy and the global economy. In this regard, the multilateral trading system has proven to be crucial to the continued growth of Members' economies. We will continue to play an active and constructive role in strengthening the WTO and the multilateral trading system,กจ Ms Yuen added.
The Discussant for the Review, Ambassador Ronald Saborío Soto of Costa Rica, applauded Hong Kong for its active and continued contribution to the multilateral trading system, and valuable leadership in the negotiations under the Doha Development Agenda (DDA). He also congratulated Hong Kong on making the right policy choices in its efforts to consolidate itself as one of the freest economies in the world with very positive economic and human development results. Other Members also acclaimed Hong Kong for the transparency and openness of its trade and investment regime, the enactment of the Competition Ordinance, the measures to strengthen the protection of IP rights, as well as its constructive role in various WTO initiatives.
In her concluding remarks, the Chairperson of the WTO Trade Policy Review Body, Ambassador Mariam Salleh of Malaysia, praised Hong Kong for being one of the most liberal and market-friendly economies, characterised by a sound legal system and transparent regulatory settings. She also highlighted that Hong Kong's exemplary achievements illustrate how an open trade and investment regime is crucial in harnessing the benefits of global integration.
The Review covered a wide range of trade objectives, policies and practices of Hong Kong, including trade in goods and services, the general economic environment in Hong Kong and its deepening trade relationships with the Mainland and other trading partners. A number of issues, including the competition policy, IP rights protection, and trade facilitation were also discussed.
The Trade Policy Review Mechanism aims to achieve greater transparency in the trade objectives, policies and practices of individual WTO Members, thereby facilitating the smooth functioning of the multilateral trading system. Hong Kong is subject to the WTO Trade Policy Review once every four years.
Ends/Friday, November 21, 2014
Issued at HKT 21:07
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