Tsang attends APEC leaders' meeting

Financial Secretary John Tsang is at the APEC Economic Leaders' Meeting in Vladivostok, Russia that has endorsed a joint declaration covering transparency, green growth and food supply.

Tsang attended APEC on behalf of Chief Executive Leung Chun-ying who opted to stay in Hong Kong to attend to pressing domestic concerns including massive protests against the proposed pro-Beijing “patriotic curriculum” and the Legislative Council elections last Sunday.

The declaration included an endorsement of the APEC Model Chapter on Transparency for Regional Trade Agreements/Free Trade Agreements; endorsing the APEC List of Environmental Goods that directly and positively contribute to green growth and ensure fair and open food markets; reducing food price volatility and establishing greater regional and global food security.

Supporting the initiatives in the declaration, Tsang said Hong Kong strongly believed that the rules-based multilateral trading system was still the best way to pursue trade and investment liberalisation.

Almost all food consumed in Hong Kong is imported, so Hong Kong must rely on a market mechanism to maintain a stable food supply. The APEC food security initiatives will help stabilise food supply and prices.

"Disruptions to regional supply chains due to natural disasters in recent years, such as the tsunami in Japan and the flooding in Bangkok, reinforce the need for more integrated and more reliable supply chains for trade," Tsang said.

Tsang later met with Primorsky Territory Governor Vladimir Miklushevskiy and agreed to strengthen cooperation between the Russian territory and Hong Kong.

They exchanged views on enhancing bilateral trade and agreed that cooperation can be strengthened on various fronts, such as the export of agricultural products, transport and infrastructure, housing construction, tertiary education, financial investment and tourism.