It is important to restore a fully functional World Trade Organisation (WTO) dispute settlement system, said Hong Kong’s commerce chief Algernon Yau Ying-wah.

Yau made the remark as he attended a discussion session entitled “Supporting the Multilateral Trading System” at the Asia-Pacific Economic Cooperation (Apec) ministers Responsible for Trade (MRT) Meeting in Detroit, the US, on Thursday (Detroit time).

He noted that the WTO is the cornerstone of the multilateral trading system but is now facing challenges.

He then called on Apec member economies to continue working constructively and expeditiously with all other WTO members to meet the mandate of the WTO’s twelfth ministerial Conference in restoring a fully and well-functioning dispute settlement system by 2024.

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

He added Hong Kong acknowledges the key role of investment in post-pandemic growth and recovery of the global economy.

The SAR is strongly committed to facilitating investment from various dimensions, including actively participating in the Joint Statement Initiative (JSI) on Investment Facilitation for Development (IFD).

Yau urged all Apec member economies to play an active part in bringing this 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 to preserve and enable a tariff-free environment for e-commerce.

https://www.thestandard.com.hk/breaking-news/section/4/204171/Restoring-a-fully-functional-WTO-dispute-settlement-system,-says-commerce-chief

Category: Hong Kong