CE visits Peru: John Lee reports HK's economic situation to President Xi Jinping, receives encouragement

Hong Kong Chief Executive John Lee arrived in Lima, Peru, on November 13 to commence his visit. On November 15, Hong Kong and Peru signed a Free Trade Agreement (FTA). On November 16, Lee met with the media to answer questions from reporters.

Lee expressed that President Xi Jinping has always shown concern for Hong Kong and that he had briefed Xi on the economic and developmental situation in Hong Kong.

He noted that Xi was well-informed about Hong Kong's situation and encouraged him. During their discussions, they covered topics such as Peruvian culture, agricultural resources, and China's agricultural development.

Lee also mentioned that they talked about the construction and operation of the Port of Callao in Peru and its significant contributions to shipping, logistics, and the supply chain. He described the experience as inspiring and expressed gratitude for President Xi's care and guidance.

At the same time, Lee mentioned that he has achieved three results during the APEC Meeting:

First, he demonstrates Hong Kong's commitment to promoting regional economic and trade cooperation and to exploring diverse development opportunities. The Leaders' Declaration from this year's APEC Economic Leaders' Meeting outlines the common goal of fostering economic integration, inclusive development, and sustainable growth. These objectives align closely with this year's APEC theme: "Empower. Include. Grow". Hong Kong has firmly committed to promoting international free trade and multilateral trade. Through active participation in APEC, Hong Kong will continue to support and promote regional economic integration and contribute to regional economic development.

Second, the HK delegates explore new growth areas for Hong Kong and explore market opportunities in South America. The FTA signed between Hong Kong and Peru is the ninth of Hong Kong and the first under this administration. Currently, Hong Kong has already signed FTAs with 21 economies worldwide.

Lee mentioned that in terms of trade in goods, over 98 percent of Hong Kong's originating goods will enjoy tariff-free access to the Peruvian market. For trade-in services, Hong Kong service providers across more than 150 sectors will benefit. These sectors include professional, research and development, financial, and transport services.

Peru ranks fifth among Hong Kong's merchandise trading partners in Latin America. Peru presents significant opportunities with a burgeoning consumer market and ongoing infrastructure development. I look forward to Hong Kong's traders and investors grasping the opportunities brought by the FTA.

Third, HK delegates enhance connections and relationships with the Association of Southeast Asian Nations (ASEAN) economies and build connections with other economies.

Hong Kong values its close relations with the ASEAN region. ASEAN has been HK's second-largest merchandise trade partner for over a decade, accounting for 80 percent of Hong Kong's total foreign trade value.

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