Joint statement by the UK and Hong Kong on trade collaboration

Dr Liam Fox, Secretary of State for International Trade, and Mr Edward Yau, Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region, have issued a joint statement on closer collaboration on trade and economic matters.

20 March 2020

The statement which was issued during the GREAT Festival of Innovation in Hong Kong, recognised the long standing economic and trade relationship between the UK and Hong Kong. It also committed to forging broader and deeper collaboration on a number of priority areas with a view to creating an even more prosperous partnership to benefit UK and Hong Kong businesses and people

The key areas addresses within the statement were:

Global free trade

Following the UK's vote to leave the European Union, there is a real opportunity for the UK and Hong Kong to build on an already-strong partnership. As heavily services-orientated economies, both jurisdictions share significant areas of common interest and are well-placed to promote the values of free trade globally as well as regionally.

Innovation

Promotion of innovation, research and development are important objectives for both HM Government and Hong Kong Special Administrative Region (HKSAR). In particular the new economies will focus upon

  • Smart cities
  • FinTech
  • Collaboration in key technology areas including healthcare technologies, artificial intelligence and robotics technologies
  • On-boarding arrangements for small businesses

Creative industries

With creative industries the new drivers for further economic development, both the UK and Hong Kong place great emphasis on, and accord high priority to, the development of their respective creative industries. Both regions will identify collaboration and exchange opportunities with particular focus on market expansion and talent nurturing.

Belt and Road Iniative

Both areas agree to build upon the existing Belt and Road Iniative to develop more areas of collaboration including further agency co-operation and collaboration. this includes the Department for International Trade of the UK and Invest Hong Kong of the government of the HKSAR signing a memorandum of understanding on cooperation on promoting both inward and outward investment in the UK and the HKSAR through information and experience sharing as well as other cooperation initiatives.

The joint statement can be viewed in full online and if you have any queries about the opportunities for Leeds City Region businesses in Hong Kong or China please get in touch.