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CE backs APEC call for early start to global trade talks

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The Chief Executive, Mr Tung Chee Hwa, has today (October 21) thrown his full support behind an APEC call for an early start to a new round of global trade talks.

Mr Tung also joined other APEC Economic Leaders to condemn the terrorist attacks in the United States on September 11 and pledged that Hong Kong would 'stand firmly behind international efforts to eradicate terrorism'.

Speaking after the 2001 APEC Annual Economic Leaders' Meeting in Shanghai, Mr Tung said that APEC leaders wanted to send a strong, clear message of the Asia-Pacific's resolve to counter terrorism.

He said APEC leaders were determined to reverse the current economic downturn and maintain public confidence at a time of uncertainty by fighting protectionism and pushing for the launch of a new round of World Trade Organisation (WTO) talks at the upcoming 4th Ministerial Conference in November.

"As a long-time proponent of free trade and trade liberalisation, Hong Kong strongly supports the launch of a new round at the next WTO conference," said Mr Tung following the reading of the Leaders' Declaration by President Jiang Zemin.

"APEC Economic Leaders recognise that the current slowdown in the world economy has added to the urgency to launch a new round. And once launched, it should be concluded as quickly as possible."

The Chief Executive said that APEC Leaders had applauded the conclusion of China's WTO accession negotiations and urged that final accession approval be given at the upcoming Ministerial Meeting.

"China's entry into the WTO is an historic development. It will not only make the WTO a truly 'world' organization but will also enhance global economic co-operation," said Mr Tung.

"Hong Kong stands to benefit greatly from the further opening up of the Mainland market and one which is more closely aligned to the world's multilateral trading system.

"Hong Kong is well positioned to enhance its role as Asia's premier business and financial hub by offering services to international corporations wishing to establish a presence in the Mainland."

Mr Tung said that he was pleased with APEC moves to enhance support for small and medium enterprises.

He said that these complemented initiatives announced in the Policy Address to provide $1.9 billion in four funds especially established to provide loan guarantees and other assistance to small and medium enterprises in Hong Kong.

The Chief Executive welcomed Economic Leaders' adoption of the Shanghai Accord, which would provide a strategic, forward agenda for the development of APEC in the coming years.

In regards to the fight against terrorism, Mr Tung said Hong Kong stood firmly behind the international effort to eradicate terrorism.

He said that Hong Kong had been directed by the Central Government to implement UN Resolution 1373 which was adopted unanimously on September 28 by the UN Security Council.

The resolution requires UN Member States to fight terrorism on various fronts including the prevention and suppression of terrorist financing, establishing terrorist acts as serious criminal offences in domestic laws and enhanced exchange of information and intelligence to fight terrorism.

Mr Tung said that as the current chair of the Financial Action Task Force on Money Laundering, Hong Kong was making its contribution in co-ordinating global efforts to curb terrorist financing.

"A special meeting will be held in Washington D.C. from October 29 - 31 to map out concrete measures to combat terrorist financing," he said.

On a lighter note, Mr Tung has added a burgundy-coloured, Chinese silk jacket to his collection of APEC Economic Leaders' attire.

Leaders this year donned the jacket for their day-long meetings and the official photograph for the reading of the Leaders Declaration.

The Chief Executive's APEC wardrobe also includes a leather bomber jacket from the 1997 meetings in Vancouver, traditional shirts from the 1998 and 2000 meetings in Kuala Lumpur and Brunei and an All Black jersey from the 1999 Auckland meetings in New Zealand.

Next year's APEC meetings will be held in Mexico, followed by annual meetings in Thailand, Chile and South Korea.

Mr Tung leaves Shanghai later tonight.

End/Sunday, October 21, 2001

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Photo: The Chief Executive, Mr Tung Chee Hwa, (fourth from left) and other APEC Economic Leaders this year donned Chinese silk jackets for the 2001 Leaders Retreat, held at the Shanghai Science and Technology Museum. Pictured with Mr Tung are the Economic Leaders from (left to right) Australia, Canada, Chile, Indonesia, Japan, South Korea and Malaysia.

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