The 10th annual Structured Dialogue
meeting between the European Union (EU) and the Government of the Hong Kong
Special Administrative Region (HKSARG) took place today (November 17 CET) in
Brussels.
The Structured Dialogue is a high-level event at which
the EU and the HKSARG meet to deepen their mutual understanding and ensure
coherence in the overall bilateral relationship.
The meeting was co-chaired by the Managing Director
for Asia and the Pacific of the European External Action Service, Mr Gunnar
Wiegand, and the Deputy Secretary for Commerce and Economic Development
(Commerce and Industry) of the HKSARG, Ms Vivian Sum. The two sides discussed a
wide range of subjects, reviewing recent collaborative successes and
identifying areas for further co-operation.
Mr Wiegand welcomed the HKSARG delegation and
reflected on the excellent relationship between the EU and the HKSARG. The
close trade and investment partnership between the EU and Hong Kong is
evidenced by the volume of trade in goods and services as well as by the direct
investment momentum. The EU remains Hong Kong's second largest trading partner,
with bilateral trade in goods and services amounting to EUR 72 billion (HK$619
billion) in 2015. Moreover, the EU is the third largest source of foreign
direct investment (FDI) in Hong Kong, while Hong Kong is one of the top 10
investors in the EU.
Mr Wiegand stated: “Hong Kong will continue to play a
crucial role as a regional hub for EU companies and investors. Hong Kong’s
freedom, rule of law, and transparency are its major assets". He added
that: “As the third largest FDI source to Hong Kong with more than 2000 companies
present in Hong Kong, the EU is an interested party and a stakeholder in the
future of Hong Kong and a keen observer of its development ".
Ms Sum said: “Hong Kong will continue to work closely
with the EU on issues of common interest for the benefit of the Hong Kong and
EU economies. We treasure our strong and longstanding connections with
the EU and are ready to further strengthen our ties in various areas, including
bilateral trade and investment, financial services and customs affairs”
At the meeting, both sides provided updates on
developments in their economies, including the initiatives on free trade
agreements and investment agreements, and exchanged views on the prospect of
bilateral negotiations on investment. The Hong Kong side updated the EU on the
latest developments in the financial services sector, such as the progress of
the legislative exercise for the proposed auditor regulatory regime for public
interest entity auditors; the amendments to the Inland Revenue Ordinance to
clarify tax treatments in respect of the regulatory capital securities issued
by banks in compliance with the Basel III capital adequacy requirements; the
enactment of the Financial Institutions (Resolution) Ordinance; and the
establishment of an independent Insurance Authority. The EU was also briefed on
Hong Kong’s latest progress in taking forward the implementation of automatic
exchange of financial account information in tax matters (“AEOI”) and Hong
Kong’s plan to expand its AEOI network with its tax treaty partners, including
those which are EU member states.
The EU side updated Hong Kong on the latest
developments in Europe highlighting that the EU is an attractive destination
for economic operators and investors from around the world, including Hong
Kong. The Investment Plan for Europe is offering excellent investment
opportunities, which are available on the European Investment Project Portal.
Further updates included developments regarding financial regulation, in
particular the creation of the Banking Union and the Capital Markets Union. The
two sides also updated each other on the implementation of measures against
base erosion and profit shifting (BEPS) under the aegis of the G20 and the
Organisation for Economic Co-operation and Development (OECD).
The 10th Structured
Dialogue has achieved significant results. Firstly, the EU and the HKSARG
reached an understanding on measures to facilitate the export of meat and meat
products from the EU. The implementation of these measures will follow shortly.
Furthermore, both sides will continue discussions on food safety and
health-related issues.
In addition, both parties welcomed the positive
results of the pilot project on cooperation in customs enforcement of
intellectual property rights between the EU and Hong Kong. Both sides also
reaffirmed their commitments against counterfeiting under the EU-Hong Kong
Action Plan and agreed to continue working closely to sustain the momentum. In
relation to customs cooperation, the parties agreed the next stages in the
negotiating process for the Mutual Recognition Agreement of Authorised Economic
Operators.
The EU and the HKSARG exchanged views on key areas
such as the actions taken by both sides to tackle climate change after the
Paris climate summit. They also decided to coordinate efforts to combat
wildlife trafficking.
With regard to the issue of Government Procurement
under Hong Kong's current regulatory regime, both sides exchanged views on the
operation of the Hong Kong procurement system, and agreed to explore areas for
enhancing cooperation.
The parties agreed to strengthen their cooperation
within the World Trade Organization as well as in the context of plurilateral
trade agreements with a view to bringing various ongoing processes, including
the Environmental Goods Agreement and the Trade in Services Agreement, to a
successful conclusion.
Finally, the EU and the HKSARG expressed their
willingness to increase people-to-people contacts, notably in the areas of
academic cooperation, student mobility, culture and creative industries.
The EU and the HKSARG will maintain close contact
through the established channels.
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