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     â€‹The Chief Executive, Mr John Lee, continued his visit in Lima, Peru, on November 15 (Lima time) to participate in Asia-Pacific Economic Cooperation (APEC) activities, witness the signing of a Free Trade Agreement (FTA) between Hong Kong and Peru, and meet with leaders of Malaysia, Vietnam and Singapore in turn.

     In the morning, Mr Lee participated in the APEC Leaders’ Informal Dialogue with Guests. In his remarks, he said that Hong Kong, as an international trade, financial and professional services centre, can share its experience in digital transformation and sustainable finance in contributing to the acceleration of regional energy transition.

     Mr Lee highlighted that Hong Kong has actively participated in the Belt and Road Initiative to promote cross-border collaboration in trade and investment as well as cultural and people-to-people exchanges. Hong Kong will continue to actively engage in the development of APEC, with a view to strengthening mutually beneficial partnerships with other member economies and jointly develop an open, dynamic, resilient and peaceful Asia-Pacific community, he added.

     Afterwards, Mr Lee met with the Prime Minister of Malaysia, Dato’ Seri Anwar Ibrahim. Mr Lee said he is pleased to meet with the Prime Minister again since they last met during his visit to Malaysia in July last year. Since Hong Kong and Malaysia had agreed to promote diversified co-operation, officials from the two sides have conducted multiple reciprocal visits, further enhancing exchanges between the governments, business sectors, and people of the two places. The Association of Southeast Asian Nations (ASEAN) is Hong Kong’s second-largest trading partner, and Malaysia is Hong Kong’s third-largest trading partner among member states of the ASEAN. Hong Kong treasures the relations with Malaysia and is planning to establish an Economic and Trade Office in Kuala Lumpur, the capital of Malaysia, to strengthen its co-operation with the ASEAN. Mr Lee congratulated Malaysia for its upcoming chairmanship of ASEAN next year and expressed hope that Malaysia will continue to support Hong Kong’s early accession to the Regional Comprehensive Economic Partnership (RCEP). 

     In the afternoon, Mr Lee participated in the APEC Leaders’ Dialogue with the APEC Business Advisory Council (ABAC) and a working lunch, where Hong Kong, China’s representative to ABAC, Ms Marjorie Yang, also attended. During the discussion session, Mr Lee exchanged views with the President of Chile, Mr Gabriel Boric, on topics such as the digital economy, digital trade, artificial intelligence development, and the multilateral trading system.

     During the meeting, Mr Lee congratulated Mr Luong Cuong on his recent appointment as the President of Vietnam. Noting that Hong Kong and Vietnam have always maintained close bilateral trade relations, Mr Lee said Vietnam is the seventh-largest trading partner of Hong Kong and the second-largest one among the member states of the ASEAN. He added that during his visit to Vietnam this July, the governments and enterprises of the two places signed 30 memoranda of understanding (MOUs) in areas including trade, investment, education and tourism, yielding fruitful results. 

     Mr Lee then met with the Prime Minister and Minister for Finance of Singapore, Mr Lawrence Wong, to exchange views on issues of mutual interest. Noting the close relationship between Hong Kong and Singapore, Mr Lee said that Singapore is the fourth largest trading partner of Hong Kong and Hong Kong’s largest trading partner in the ASEAN, and has also ranked first among ASEAN countries as the largest place of origin in terms of the number of companies present in Hong Kong. Mr Lee noted that, during his visit to Singapore in July last year, enterprises and institutions of Hong Kong and Singapore signed seven MOUs on areas including commerce and trade, financial services, as well as innovation and technology. Deputy Prime Minister of Singapore, Mr Heng Swee Keat, visited Hong Kong in April this year, which enhanced the interactions between the governments, people and the business sectors of the two places. Hong Kong will continue to strengthen multifaceted co-operation with Singapore, including the areas of green and digital economies as well as other emerging industries, Mr Lee added. He also expressed his gratitude to Singapore for its continued support for Hong Kong’s early accession to the RCEP.

     Afterwards, Mr Lee and the President of Peru, Ms Dina Boluarte, jointly witnessed the signing of the FTA between Hong Kong and Peru. Highlighting that Peru is Hong Kong’s fifth-largest trading partner in Latin America, Mr Lee said the FTA offers significant strategic value to both economies and allows Hong Kong to enter the promising market of Peru. The FTA will ensure the legal certainty of better market access for manufacturers, service providers and investors of Hong Kong and Peru, creating new business opportunities and boosting bilateral trade and investment flows, he added. 

     In the evening, Mr Lee attended a Gala Dinner hosted by the organiser for participating leaders, and watched cultural performances.

     On November 16 (Lima time), Mr Lee will attend the APEC Economic Leaders’ Meeting Retreat and meet with representatives from the Peruvian business sector.

                    

     Following is the speech by the Chief Executive, Mr John Lee, at Signing Ceremony of Hong Kong, China-Peru Free Trade Agreement yesterday (November 15, Lima time):

Your Excellency Madame President Dina Boluarte (President of Peru), Your Excellency Madame Minister Úrsula Desilú León Chempén (Minister of Foreign Trade and Tourism of Peru), ladies and gentlemen, 

     Good afternoon. I am very pleased to join this gratifying occasion, the signing of the Free Trade Agreement between Hong Kong, China and Peru. 

     Sixteen years ago this month, when the APEC Ministerial Meeting was taking place in Lima, Hong Kong and Peru signed a Co-operation Arrangement on Trade and Investment Facilitation.
      
     Today, we are ready to spur new business opportunities with a free trade agreement. This is the ninth FTA signed by Hong Kong, and the first signed by the current term of the Hong Kong Special Administrative Region Government. 

     The Agreement covers an extensive array of liberalisation and facilitation commitments, which go far beyond those undertaken by us under the World Trade Organization.

     The Agreement will ensure the legal certainty of better market access, tariff savings and trade facilitation, and national treatment for manufacturers, service providers and investors entering and operating in Hong Kong and Peru. 

     It offers significant strategic value to both economies. Peru, with its young and energetic population of more than 34 million, is an emerging market of enormous potential. It’s also a participating economy in our country’s Belt and Road Initiative. 

     The merchandise trade between Hong Kong and Peru grew four per cent a year, on average, between 2019 and 2023. Our services trade expanded 16 per cent a year between 2018 and 2022. 

     As the world’s freest economy, Hong Kong has a business environment that aligns with best international practices. Our tax regime is simple and low, and we offer high-quality services, a skilled workforce with global vision, and the free flow of information, capital, goods and people.

     I am pleased to say that Hong Kong and Peru have already started work on an Investment Promotion and Protection Agreement. I look forward to the early commencement of formal negotiations, now that the FTA has been concluded, to enhance bilateral investment.
      
     Before I close, I would like to pay tribute to Peru for its successful hosting of the APEC Economic Leaders’ Meeting – for the third time. Hong Kong, China is pleased to support Peru, and to contribute to meaningful dialogue at the forthcoming Leaders’ meeting.

     Thank you.

      

     Hong Kong and Peru signed a Free Trade Agreement (FTA) on November 15 (Lima time) on the sidelines of the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting in Lima, Peru.

     In the witness of the Chief Executive, Mr John Lee, and the President of Peru, Ms Dina Boluarte, the Secretary for Commerce and Economic Development, Mr Algernon Yau, and the Minister of Foreign Trade and Tourism of Peru, Mrs Úrsula Desilú León Chempén, signed the FTA.

     “Peru is Hong Kong’s valued trading partner in Latin America, and also one of the participating countries of our country’s Belt and Road Initiative. The Agreement signed today is the first FTA signed by the current-term HKSAR Government, carrying strategic value to both Hong Kong and Peru. Apart from helping Hong Kong to gain entry into the great potential market of Peru, the FTA also provides manufacturers, service providers and investors of Hong Kong and Peru with legal certainty and better conditions, creating business opportunities and enhancing bilateral trade and investment between the two places,” Mr Lee said.

     “The Agreement heralds the beginning of closer bilateral relations between Hong Kong and Peru. I believe that the unique advantages of Hong Kong under ‘one country, two systems’, including open and friendly business environment, simple and low tax regime, free flow of information and capital, and a pool of high quality talent with global vision, would enable Peru to better grasp development opportunities for the future,” he added.

     Mr Lee noted that the commencement of negotiations of a separate Investment Promotion and Protection Agreement (IPPA) between Hong Kong and Peru is encouraging, and trusted that Hong Kong and Peru will further enhance bilateral investment flows to bring about economic growth of the two sides.

     The FTA encompasses trade in services (including electronic commerce), trade in goods, investment and other related areas. The FTA’s overall commitments go beyond those undertaken by the two economies under the World Trade Organization, and the trade in Hong Kong can be benefited from elimination or reduction of tariff, and reduction of trade barriers. Service providers and investors, likewise, can be benefited from legal certainty of better market access and national treatment when entering and operating in Peru.

     Mr Yau said being Hong Kong’s second FTA forged with Latin American economies, the FTA would create synergy with the FTA between Hong Kong, China and Chile signed in 2012, reinforcing the message to other Latin American trading partners that Hong Kong is ready to forge closer economic partnership in the region.

     “We look forward to Hong Kong’s traders and investors to grasp the opportunities brought by the FTA, and expand their businesses in Peru and through Peru to the Latin American markets. At the same time, the FTA would also help more Peruvian businesses to expand into Hong Kong and through Hong Kong in the region, in particular the Guangdong-Hong Kong-Macao Greater Bay Area,” Mr Yau said.

     Under the FTA, Hong Kong service providers can enjoy benefit in over 150 services sectors Peru has made specific commitments under the FTA. These commitments encompass sectors where Hong Kong has traditional strengths or has potential for development, including professional services, computer and related services, research and development services, financial services, and transport services.

     For trade in goods, Peru committed to eliminate tariffs on approximately 98.3 per cent of its tariff lines for Hong Kong’s originating goods exported to Peru, among which tariff elimination concerning 91.3 per cent of the tariff lines would take immediate effect upon the entry into force of the FTA, while tariffs of the remaining 7 per cent tariff lines would be phased out gradually. The competitiveness of Hong Kong products exported to Peru will be enhanced.

     Peru ranked fifth among Hong Kong’s merchandise trading partners in Latin America in 2023, with bilateral merchandise trade amounted to HK$5.2 billion. The bilateral merchandise and services trade between Hong Kong and Peru grew at an average annual rate of 4 per cent (from 2019 to 2023) and 16.3 per cent (from 2018 to 2022) respectively. The FTA negotiations between Hong Kong and Peru commenced in January 2023 and were concluded in July 2024.

     For key benefits of the FTA to Hong Kong, please refer to Annexes 1 and 2. Full text of the FTA has been uploaded onto the Trade and Industry Department’s website (www.tid.gov.hk). The FTA will enter into force after Hong Kong and Peru have completed their respective internal procedures.

     Including the FTA with Peru, Hong Kong has so far signed nine FTAs with 21 economies, including the Mainland of China, New Zealand, the member states of the European Free Trade Association (i.e. Iceland, Liechtenstein, Norway and Switzerland), Chile, Macao, the member states of the Association of Southeast Asian Nations (i.e. Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam), Georgia, Australia and Peru. All FTAs, except the one with Peru, have entered into force.

     Hong Kong is actively seeking to expand its economic and trade network, such as seeking early accession to the Regional Comprehensive Economic Partnership and exploring FTAs or IPPAs with emerging markets including potential partners in the Middle East and other regions along the Belt and Road.

     Following the signing of the FTA with Peru today, the geographical scope of the Dedicated Fund on Branding, Upgrading and Domestic Sales is also extended to cover Peru (as the 40th eligible economy) with immediate effect to further support Hong Kong enterprises in developing their businesses there.

        

     The Community Chest of Hong Kong has been issued a Public Subscription Permit to hold a territory-wide flag sale from 7am to 12.30pm today (November 16), a spokesman for the Social Welfare Department (SWD) said. 
      
     Details of the charitable fund-raising activities, including any updated information, covered by the issued Public Subscription Permits have been published on the GovHK website (www.gov.hk/en/theme/fundraising/search). Permits for flag days containing information on contact methods of the flag-selling organisations and the approved flag-selling activities have also been uploaded to the SWD’s website (www.swd.gov.hk/en/ngo/controlofc/flagdays) for reference. For enquiries, please call the SWD’s hotline at 2343 2255, or the designated hotline of the 1823 Call Centre at 3142 2678.
      
     In the case of suspected fraudulent flag day activities, people should not make any donation and should immediately report the matter to the Police, the spokesman added.        read more

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