Malaysia encourages Hong Kong to leverage ASEAN's trade possibilities collectively

Hong Kong and ASEAN Strengthen Partnership for Trade Efficiency and Sustainable Development

At the recent Hong Kong-ASEAN Summit, Hong Kong's Secretary for Commerce and Economic Development, Loke, highlighted the robust trade relationship between Hong Kong and the ASEAN bloc, and proposed deeper partnerships for joint initiatives.

In 2020, the total merchandise trade between ASEAN and Hong Kong reached HK$1,289.6 billion (US$166 billion), accounting for 13.6% of Hong Kong's global merchandise trade. ASEAN was Hong Kong's second-largest trading partner, with the partnership accounting for a significant portion of Hong Kong's economic activities.

Loke pointed out the potential for further expansion in this trade relationship, particularly in light of ASEAN's strategic location, skilled workforce, and emerging middle class. He emphasised the importance of digital systems in simplifying travel and trade within ASEAN, potentially including the use of QR codes.

Recognising the need for sustainable development, Loke suggested that Hong Kong's green finance expertise could fund the region's transition towards sustainable transport infrastructure. He also proposed smart port development as a potential area for collaboration with ASEAN.

Moreover, Hong Kong's fintech solutions and logistics innovation could streamline trade across all 10 ASEAN member states, improving trade efficiency and funding sustainable infrastructure, particularly in Cambodia. Loke envisioned a future where travel and trade could be as simple as scanning a QR code.

The ASEAN Economic Community (ASEAN) comprises Brunei, Indonesia, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. While the specific country with which Hong Kong had the largest trade turnover in 2013 was not provided, it is clear that the partnership between Hong Kong and ASEAN is a significant one.

Loke's statement was made at the Hong Kong-ASEAN Summit organized by the South China Morning Post, underscoring the importance of this partnership for both parties. As the world continues to evolve, it is clear that this partnership will continue to play a crucial role in shaping the economic landscape of the region.