1 As delivered
Statement by the Republic of Korea
at the 6
thTrade Policy Review of Hong Kong, China December 1 and 3, 2010
Thank you, Mr. Chairman,
I would like to welcome the delegation of Hong Kong, China headed by Mr. Martin Glass to its sixth trade policy review and thank the Secretariat and the Government of Hong Kong, China for their informative reports. My thanks also go to Ambassador Eduardo Munoz Gomez of Colombia for his valuable contribution to this review.
(Bilateral Trade and Investment)
Mr. Chairman,
As strong supporters of the multilateral trading system, Korea and Hong Kong, China have long maintained an important and prosperous economic relationship. In 2009, Hong Kong, China was Korea’s fourth largest export market and sixth largest trading partner, while Korea was Hong Kong, China’s sixth largest trading partner, with the size of bilateral trade reaching USD 21.2 billion. We are also close partners in terms of investment. Hong Kong, China was Korea’s fifth top destination for foreign investment in 2009.
In addition, there is tremendous potential for bilateral cooperation down the road thanks to the mutually complementary economic structures of our two economies and the acceleration of Hong Kong, China’s economic integration with Mainland China.
2 (Macroeconomic Performance and Environment)
Turning to the macroeconomic performance and environment, my delegation would first like to congratulate Hong Kong, China for its quick recovery from the economic downturn that came with the recent global financial crisis.
Hong Kong, China’s economic openness is undoubtedly one of the principal driving forces in its impressive economic rebound and growth. Hong Kong, China’s growing integration with Mainland China through the “Closer Economic Partnership Arrangement”
and its participation in the “Plan for the Reform and Development of the Pearl River Delta” as well as its government’s prudent and timely macroeconomic policies and structural transformation have all contributed to this strong economic performance.
(Trade Policy Regime)
Mr. Chairman,
As we all are well aware, Hong Kong, China was once described by Milton Friedman, a renowned American economist and Nobel Prize laureate, as the world’s greatest experiment in laissez-faire capitalism. It has remained as the world’s freest economy, according to the Index of Economic Freedom since its inception in 1995.
Being the most liberalized economy, Hong Kong, China has taken further steps in promoting trade-related reforms during the period under review. In particular, my delegation notes with satisfaction the progress made in the areas, among others, of competition policy and the protection of intellectual property, as indicated in the Secretariat’s Report.
Korea registered only four questions, including the ones on Hong Kong, China’s promotion of six new industries and government procurement regime. My delegation thanks
3 the delegation of Hong Kong, China for providing answers to these questions this morning.
My capital will carefully review them.
(Conclusion)
Mr. Chairman,
Before I conclude, let me remind this house of the urgent task we have to tackle next year. We are now at a critical juncture in the DDA negotiations and our leaders at the G-20 and APEC Summits last month sent us a clear and strong message to engage in across-the- board negotiations and complete the end game. My delegation hopes and trusts that all the WTO Members will show utmost flexibilities so that we can translate this message into tangible progress and conclude the DDA negotiations in 2011.
Once again, I would like to express my appreciation to the delegation of Hong Kong, China for their hard work in preparing for today’s meeting and wish them every success in this review.
I thank you, Mr. Chairman.
* * * * * *
