Hong Kong was applauded as a "model member economy" in trade and investment liberalisation and facilitation at the Asia-Pacific Economic Co-operation 2007 first senior officials' meeting in Canberra today. In a review session, it was hailed as the APEC member economy that was closest to achieving the Bogor Goals.

In a statement made in Bogor, Indonesia, in 1994, APEC economic leaders committed to seeking to achieve the long-term goal of free and open trade and investment in the Asia-Pacific by no later than 2010 for industrialised economies, and 2020 for developing economies.

A report on Hong Kong noted the city had long maintained a free-market economy and a liberal trade and investment regime. Its authors suggest Hong Kong's trade and investment regime provided a "model" against which many other APEC member economies could benchmark their efforts as they progressed towards the Bogor Goals.

Director-General of Trade & Industry Joseph Lai led the Hong Kong delegation - including officials from the Trade & Industry Department, the Financial Secretary's Office and the Customs & Excise Department. He said the report's positive remarks were encouraging.  

World's freest economy

Mr Lai said Hong Kong maintained a long-established policy of free and open trade and investment without any trade barriers. As evidence, he pointed to the Heritage Foundation's latest economic freedom index - which has named Hong Kong as the world's freest economy  for the 13th year in a row.

He also appealed to APEC member economies for their support in concluding an ambitious and balanced World Trade Organization Doha agreement.

The APEC senior officials from 21 member economies yesterday discussed regional economic integration, behind-the-border barriers to trade, and structural reform. They will meet again on Thursday, and Mr Lai will return to Hong Kong on Friday.