An independent review of Hong Kong, China's progress to meet APEC's free trade and investment goals has cited the strength of Hong Kong, China in the regional and global economy.
The 'Study Report on Hong Kong, China's 2006 Individual Action Plan (IAP)' to achieve its APEC goals was prepared by Dr. Charles A. Barrett from Canada and Professor Sung-Hoon Park from Korea.
The report looked at a range of areas that are part of Hong Kong, China's efforts to reach the APEC Bogor Goals, which set the target of free and open trade for industrialized economies by 2010 and 2020 for developing economies.
The report identified Hong Kong, China as one of the most liberal and open economies in the world, strongly committed to the multilateral trading system and actively engaged in the APEC community. The report stated: "Hong Kong, China has long maintained a free-market economy and a liberal trade and investment regime. On its way towards the Bogor Goals, HKC has shown remarkable progress in a number of IAP areas, and has established itself as a 'model member economy' in trade and investment liberalization and facilitation (TILF).
"Hong Kong, China's trade and investment regime provides a 'model' against which many other APEC member economies can benchmark their efforts as they progress towards the Bogor Goals.
"Overall, Hong Kong, China can be considered the APEC member economy that is closest to achieving the Bogor Goals at the moment."
The report made mention of Hong Kong, China's liberal trade and investment regime: "Hong Kong, China currently applies no tariffs at all on imported products, and levies duties only on selected items. No quantitative restrictions are imposed, and there is very sparing use of licensing scheme for a handful of items only.
"The investment regime is highly transparent, and trade in services is extremely liberal. Hong Kong, China has shown remarkable progress in the areas of trade facilitation as well, making the economy one of the best places in which to do business and with which to trade."
A fact sheet with excerpts from each of the thirteen areas of assessment is now available.
The full report is now available here.
All APEC Member Economies implement IAP to guide them in their efforts to achieve APEC's Bogor Goals. The IAP review process program provides each Member Economy with the opportunity to have their progress towards APEC's goals assessed by Independent Experts.
Four APEC Member Economies are having their IAP' reviewed at the current round of APEC meetings in Canberra. This process involves a presentation by the Independent Experts to a meeting of Member Economies followed by an opportunity for these economies to question the economy under review on the details of their IAP.
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Topic: Hong Kong, China Identified as "Model Member Economy" in Review of Progress to Meet APEC Goals (Read 361 times)