'Improving globalisation can curb int'l uncertainties'

Hong Kong's Commerce and Economic Development Secretary, Algernon Yau, emphasized on Wednesday that enhancing globalisation is crucial in addressing the difficulties posed by the unpredictable international climate. Speaking at the Belt and Road Summit's panel titled "Building Resilient Trade and Investment Frameworks in a Diverse Global Landscape," Yau noted that international commerce rules and the relationships between countries and regions have undergone changes due to geopolitical tensions.

He highlighted the emergence of protectionism via tariffs, discriminatory regulations, and export limits, which have resulted in increased costs and supply chain disruptions. Yau stressed that nations and regions should not retreat from the global market, urging the pursuit of a trade and investment model that can withstand unreasonable pressure.

Upholding a rules-based multilateral trading system, promoting transparent and non-discriminatory regulations, facilitating customs and digital compatibility, and ensuring fair benefits from trade are essential, according to the minister. Hong Kong has actively contributed to assisting businesses in accessing new markets and diversifying supply chains through financial and legal advisory services, logistics support, and strategic assistance.

By strengthening Hong Kong's role as a super connector and value-adder within the Belt and Road Initiative, and expanding free trade agreements to foster trade across regions, the city aims to help companies mitigate risks. The Belt and Road Summit, held at the Convention and Exhibition Centre in Wan Chai, will conclude on Thursday.