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Author Topic: Hong Kong, China Signs MOU with APEC for US$ 500,000 Contribution  (Read 256 times)

ArielValloso

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Hong Kong, China has signed a Memorandum of Understanding (MOU) with the APEC Secretariat for the donation of US$ 500,000 toward the Second Trade Facilitation Plan (TFAP II).

APEC's second TFAP calls for a reduction of trade transaction costs by 5 percent on the part of all member economies by 2010.

Signed by Joseph Lai, Director-General of Trade and Industry and Ambassador Juan Carlos Capuñay, Executive Director of the APEC Secretariat, the MOU earmarks funds for capacity building activities through the APEC Support Fund (ASF). The ASF provides a flexible funding mechanism to support capacity building activities for APEC developing economies.

Capuñay explains that economic impacts on the business community are enhanced through collective actions. Capacity building efforts are therefore intended to equip developing member economies to enter into collaborative efforts to address trade-related issues.

The donation reflects the importance attached to the Action Plan and to the recognition that capacity building is integral to its success. Says Lai. "We hope that our support for the plan will encourage other member economies."

The TFAP II emphasizes issues of customs procedure, business mobility, standards conformance and electronic commerce. To the same degree that it emphasizes the benefits of collective action, the plan also allows Member Economies to initiate and implement activities and measures as and when they are ready to do so.

Since the ASF was established in 2005, donations from other economies have funded a number of projects is areas such as human resource development and human security.




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