Hong Kong has sufficient conditions to join RCEP: Carrie Lam

HONG KONG -- Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam said Thursday that Hong Kong has sufficient conditions to join the Regional Comprehensive Economic Partnership (RCEP).

When speaking at a forum here, Lam noted that Hong Kong's accession to the RCEP will bring multiple benefits to the regional economy.

Hong Kong is a major source of investment in the Asia-Pacific region and after the financial hub joins the RCEP, more of its businesses will be attracted to invest in RCEP member economies, which will help bolster their development, Lam said.

More than 50 percent of Hong Kong's outbound direct investment went to RCEP member economies in 2019, she said.

In 2020, the value of trade between Hong Kong and the 15 member economies of the RCEP topped 770 billion U.S. dollars, accounting for 73 percent of its total foreign trade. It has also signed high-quality free trade agreements with 13 RCEP member economies.

RCEP member economies have expressed their welcome to Hong Kong's accession after the RCEP takes effect, Lam said, adding that the HKSAR government keeps close contact with RCEP member economies in hope of starting accession dialogues at an early date.