Special Report: Global Financial Crisis
Joseph Lai Yee-tak (2nd L), Director-General of Trade and Industry of China's Hong Kong Special Administrative Region (HKSAR), shakes hands with Michael Tay (2nd R), Executive Director of the Secretariat of the Asia-Pacific Economic Cooperation (APEC), after signing a Memorandum of Understanding in Singapore, Feb. 16, 2009. Hong Kong and the APEC signed a Memorandum of Understanding on Monday in a bid to boost trade by cutting business transaction costs.(Xinhua/Gao Chuan)Photo Gallery>>>HONG KONG, Feb. 16 (Xinhua) -- Hong Kong on Monday donated 200,000 U.S. dollars to the Asia-Pacific Economic Cooperation (APEC) in support of the organization's promotion of free trade and trade facilitation.
The Hong Kong Special Administrative Region (HKSAR) government said it made the donation to undertake work on the reduction of trade transaction costs, among others.
The donation was made to the APEC Policy Support Unit at the margins of the APEC 2009 First Senior Officials' Meeting in Singapore.
Joseph Lai, Director-General of Trade and Industry of the HKSAR government, and Michael Tay, Executive Director of the APEC Secretariat, signed a memorandum of Understanding on the donation in Singapore on Monday.
One of the major tasks of APEC this year is the implementation of the Second Trade Facilitation Action Plan (TFAP II), which aims for a further reduction of trade transaction costs by 5 percent in the period 2007-2010.
The focus of the TFAP II will be on the areas of customs procedures, business mobility, standards and conformance and electronic commerce.
Lai said it was all the more important to continue to streamline processes and reduce trade transaction costs in the face of current global economic challenges.
"We hope that our contribution will support initiatives that lead us closer to the shared vision of free trade," he said.
Joseph Lai Yee-tak (2nd L), Director-General of Trade and Industry of China's Hong Kong Special Administrative Region (HKSAR), shakes hands with Michael Tay (2nd R), Executive Director of the Secretariat of the Asia-Pacific Economic Cooperation (APEC), after signing a Memorandum of Understanding in Singapore, Feb. 16, 2009. Hong Kong and the APEC signed a Memorandum of Understanding on Monday in a bid to boost trade by cutting business transaction costs.(Xinhua/Gao Chuan)Photo Gallery>>>HONG KONG, Feb. 16 (Xinhua) -- Hong Kong on Monday donated 200,000 U.S. dollars to the Asia-Pacific Economic Cooperation (APEC) in support of the organization's promotion of free trade and trade facilitation.
The Hong Kong Special Administrative Region (HKSAR) government said it made the donation to undertake work on the reduction of trade transaction costs, among others.
The donation was made to the APEC Policy Support Unit at the margins of the APEC 2009 First Senior Officials' Meeting in Singapore.
Joseph Lai, Director-General of Trade and Industry of the HKSAR government, and Michael Tay, Executive Director of the APEC Secretariat, signed a memorandum of Understanding on the donation in Singapore on Monday.
One of the major tasks of APEC this year is the implementation of the Second Trade Facilitation Action Plan (TFAP II), which aims for a further reduction of trade transaction costs by 5 percent in the period 2007-2010.
The focus of the TFAP II will be on the areas of customs procedures, business mobility, standards and conformance and electronic commerce.
Lai said it was all the more important to continue to streamline processes and reduce trade transaction costs in the face of current global economic challenges.
"We hope that our contribution will support initiatives that lead us closer to the shared vision of free trade," he said.
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