Hong Kong Contributes USD 200,000 to APEC Trade Facilitation Action Plan

Singapore, 16 March 2009 - Hong Kong, China has donated USD 200,000 in funds to the APEC Secretariat, in order to develop a methodology to be used to measure the outcome of its Trade Facilitation Action Plan (TFAP II).

The plan calls for an additional 5 percent reduction in business transaction costs by all economies by 2010, on top of the 5 percent reduction achieved under the first TFAP over the period 2002 - 2006.

"APEC is the leading forum in promoting free trade and trade facilitation in the Asia-Pacific region," says Joseph Lai, the APEC Senior Official of Hong Kong, China. "In the face of the current challenges in the global economy, it is all the more important to continue to streamline processes and reduce trade transaction costs. We hope that our contribution will support initiatives that lead us closer to the shared vision of free trade. It also reflects the importance we attach to the successful implementation of the TFAP II."

APEC Secretariat Executive Director, Michael Tay adds: "At a time when trade flows are a real concern for APEC - and for the entire world, this contribution from Hong Kong, China is very significant to APEC. Trade facilitation is fundamental to business and it is APEC's forte."

Funds will be directed to APEC's Policy Support Unit. The Policy Support Unit oversees analysis and evaluation and coordinates technical cooperation toward APEC's agenda.

The TFAP II can be seen at: http://www.apec.org/Press/News-Releases/2009/~/media/Files/Press/NewsRelease/2009/2007Par0013Filev1.ashx