At a discussion session titled “Supporting the Multilateral Trading System” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Detroit, the US, today, Secretary for Commerce & Economic Development Algernon Yau stressed the importance of restoring a fully functional World Trade Organization (WTO) dispute settlement system.

Noting that the WTO, the cornerstone of the multilateral trading system, is facing challenges, Mr Yau called on APEC member economies to work constructively and expeditiously with all other WTO members in order to meet the mandate of the WTO 12th Ministerial Conference in restoring, by 2024, a fully and well-functioning dispute settlement system accessible to all members.

He also highlighted the importance of bringing early into force WTO-negotiated outcomes to demonstrate that the trade body is working for the benefit of people.

As Hong Kong recognises the key role of investment in post-pandemic growth and recovery of the global economy, it is strongly committed to facilitating investment from various dimensions, including participation in the Joint Statement Initiative (JSI) on Investment Facilitation for Development, Mr Yau said, and urged all APEC member economies to play an active part in bringing the JSI to fruition.

He also encouraged APEC member economies to join the JSI on e-commerce and work together to extend the WTO moratorium on customs duties on electronic transmissions, with a view to preserving an enabling, tariff-free environment for e-commerce.

Separately, on the margins of the meeting today, Mr Yau met Brunei Darussalam Minister at Prime Minister's Office and Minister of Finance & Economy II Awang Haji Mohd Amin Liew bin Abdullah as well as Malaysian Deputy Minister of Investment, Trade & Industry Liew Chin Tong, to discuss issues of mutual concern.