Secretary for Commerce & Economic Development Algernon Yau gave a speech today at a session of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea.

At a session themed “Prosperity through Sustainable Trade”, Mr Yau said that supply chains are the driving force of today's global economy but are also highly sensitive and vulnerable to external shocks.

He outlined that Hong Kong, as an international shipping and logistics hub, has been implementing various measures to support sustainable supply chains, including "Hong Kong's Climate Action Plan 2050" and a roadmap for sustainability disclosure.

“In parallel, enabling initiatives have been rolled out to equip micro, small and medium-sized enterprises (MSMEs) with the means to manage their environmental footprint and encourage market participants to improve sustainable business practices," he said. "Funding schemes and capacity-building programmes have also been put in place to encourage the adoption of digital technologies by MSMEs to facilitate the digital transformation of supply chains.”

The commerce chief stressed that the issue of supply chains has always been an integral part of APEC discussions, adding that APEC's role is even more important now than ever as cross-boundary trade and investments and supply chains face uncertainty and unprecedented challenges.

Mr Yau said he believes the collective goal of strengthening sustainable supply chains should never be a trade-off between sustainability and trade, but rather a synergy between the two. He emphasised that Hong Kong is committed to working with all member economies to drive progress towards shared prosperity through sustainable trade.

On the sidelines of the MRT Meeting, Mr Yau held a bilateral meeting with Japanese State Minister of Economy, Trade & Industry Ogushi Masaki to discuss various trade and economic issues.

Mr Yau will return to Hong Kong tomorrow morning.