Hong Kong applies for RCEP membership

The HKSAR government formally has submitted its application to join the Regional Comprehensive Economic Partnership (RCEP) in January and will be a member in 18 months, said Lu Shixiong, director-general of Trade and Industry of HKSAR, at an online seminar on Feb 21.

Mr Lu pointed out that Hong Kong's trade with RCEP members amounted to 962.6 billion US dollars and 103 billion for service industry at present, accounting for 60% of Hong Kong's total trade volume.

“Joining the RCEP will not only bolster economic growth in Hong Kong, but also bring in more opportunities to small and medium-sized enterprises,” noted Lu.

Liu Huiping, deputy director of Hong Kong Trade Development Council, said that the SAR's accession to the RCEP will enhance its status as a financial hub.

Joining the RCEP will further broaden Hong Kong's business network and continue to bring business opportunities to RCEP members, said Huang Yinghao, member of the SAR legislative council.

In June last year, the SAR chief executive Carrie Lam said that Hong Kong was fully qualified to join the RCEP, which would allow Hong Kong enterprises to invest more in RCEP countries.

She added that the HKSAR government has shown its intention to join RCEP membership since 2018, and RCEP members looked forward to Hong Kong's formal proposal.

Source: CMG app; Trans-editing by Mo Yingyi