Sharpshooter post=25746The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, China, India, Japan, New Zealand and Republic of Korea).
The Regional Comprehensive Economic Partnership (RCEP) will help boost Hong Kong’s long-term economic growth in the post-pandemic era, Secretary for Commerce and Economic Development Edward Yau Tang-wah said Wednesday (May 12).
Replying to a query at the Legislative Council, Yau said he was already liaising with the trade ministers of a number of RCEP participating economies to start discussions on Hong Kong joining the world’s largest free trade zone “as early as possible” after it takes effect.
“It will help lower the costs of trading and bring about new business opportunities for Hong Kong's goods and enterprises in expanding their markets in the region, thereby providing a momentous drive to global economic recovery in the post-pandemic era, ” Yau said.
He said joining the RCEP will strengthen the economic, trade, and investment ties between Hong Kong and the RCEP participating economies and enable Hong Kong's goods and enterprises to benefit from tariff reduction, preferential market access, removal of trade barriers and simplified customs procedures.
Yau said this will facilitate Hong Kong's further integration into the regional value chain and drive regional economic growth.
Fifteen economies including the Chinese mainland, the 10 member states of the Association of Southeast Asian Nations, Australia, Japan, the Republic of Korea, and New Zealand signed the RCEP in November last year.
According to the statistics released by China Ports and Harbors Association, export container volume increased 24.2% while the domestic volume declined 4% in early May;
The port of Shenzhen posted a growth rate of over 60% while the port of Xiamen posted a growth rate of over 40%.
BUSINESS IS BOOMING AS HUTCHISON PORT SEEK TO EXPAND YANTIAN EAST PORT WITH JV
The trustee-manager of Hutchinson Port Holdings Trust (HPH Trust) has entered into a joint venture agreement (JVA) with Shenzhen Yantian Port Group Company on June 1.The agreement was signed by HPH Trust’s 79.45%-owned indirect subsidiary, Hutchinson Ports Yantian Limited.Under the JVA, HPH Trust will establish a 50-50 joint venture (JV) with Shenzhen Yantian.
According to the statistics released by China Ports and Harbors Association, export container volume increased 16.8% while the domestic volume increased 4.5% in mid-May.
Among which, the port of Shenzhen posted a growth rate of over 40% for export container volume while the port of Tianjin posted a growth rate of nearly 60% for domestic container volume.
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