'Improving globalisation can curb int'l uncertainties'

Hong Kong's Commerce Secretary, Algernon Yau, emphasized during a panel discussion at the Belt and Road Summit that enhancing globalization is crucial in addressing the challenges posed by a turbulent global environment. The panel, titled "Building Resilient Trade and Investment Frameworks in a Diverse Global Landscape," was chaired by Yau.

He pointed out that international commerce and relations between nations and regions have evolved due to geopolitical tensions, leading to increased protectionism through tariffs, discriminatory regulations, and export restrictions, which have had adverse economic effects such as higher costs and supply chain disruptions.

Yau stressed the importance of not abandoning the international market and instead advocated for a trade and investment model capable of withstanding the unreasonable pressure it currently faces. He stressed the need to uphold a rules-based multilateral trading system and promote transparent and non-discriminatory regulations while facilitating customs and digital compatibility. This, in turn, would ensure that the benefits of trade are shared equitably.

The Secretary highlighted Hong Kong's efforts in assisting businesses in accessing new markets and diversifying supply chains. These efforts include providing financial and legal advisory services, as well as logistics and strategic support. By strengthening Hong Kong's role as a super connector and super value-adder through the Belt and Road Initiative, and expanding free trade agreements to promote trade across regions, Yau believes that the city will further help companies mitigate risks.

The Belt and Road Summit, held at the Convention and Exhibition Centre in Wan Chai, is set to conclude on Thursday.