Policy Address
Regional Comprehensive Economic Partnership Agreement
63. A total of 15 economies, including the 10 ASEAN states, Australia, China, Japan, South Korea and New Zealand just signed the Regional Comprehensive Economic Partnership (RCEP) Agreement on 15 November. The RCEP covers about one-third of the world’s total population, accounting for one-third of the global GDP. Under the RCEP, over 90% of merchandise trade will eventually enjoy zero tariff treatment, which will certainly increase regional trade and investment and provide impetus for global economic growth. As a major financial and trade centre and a logistics hub of the region, coupled with the Free Trade Agreements signed with most of the RCEP members, including the 10 ASEAN states, Australia and New Zealand, as well as the Closer Economic Partnership Arrangement (CEPA) signed with the Mainland earlier on, Hong Kong is well placed to join the RCEP. The HKSAR Government has already expressed to the signatory economies its interest in joining the RCEP back in 2018, and will seek to be among the first batch of economies joining the RCEP.
