Hong Kong’s Financial Secretary John Tsang Chun-wah has urged member states of the Trans-Pacific Partnership (TPP) to ensure that the new platform does not turn into a trade protection mechanism.
If the TPP seeks to exclude China, which is a key economic partner of many of the 12 member states that signed the Pacific Rim trade deal recently, it would defeat the purpose of the agreement, Tsang wrote on his blog.
While Hong Kong welcomes free-trade agreements, there is still a long way to go before the TPP can become an effective means to enhance regional cooperation, Tsang wrote, according to the Hong Kong Economic Journal.
As for Hong Kong, the city should remain vigilant and strive to boost its competitiveness in the face of global challenges, the finance chief wrote.
Hong Kong is currently in talks with the Association of Southeast Asian Nations over a free-trade pact, and is also in discussions with Macau over a Closer Economic Partnership Agreement between the two places.
In other remarks, Tsang said that he was meeting up with Federal Reserve chairwoman Janet Yellen to get some clues on the pace of the Fed’s expected rate-hike cycle.
Tsang was in Lima over the weekend to attend the annual meetings of the International Monetary Fund and the World Bank Group.
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