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OpinionHong Kong Opinion
Daryl Ng
Opinion
Daryl Ng

How joining the RCEP will boost Hong Kong’s role as a superconnector

From supply chain alignment to financial services, the city’s membership would undoubtedly add value to its long-standing economic partners

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Illustration: Craig Stephens
Daryl Ng
Daryl Ng is chairman of Sino Group and the founding chairman of the Hong Kong-Asean Foundation, a not-for-profit organisation promoting and deepening ties between Hong Kong and Asean to build a community of shared future to reinforce Hong Kong’s international position and support future growth.
The Regional Comprehensive Economic Partnership (RCEP) is the world’s largest trade bloc. Including all 10 economies of the Association of Southeast Asian Nations (Asean), mainland China, Australia, Japan, South Korea and New Zealand, the group contributes to 30 per cent of global gross domestic product and over 25 per cent of global exports.

In September, Asean’s economic ministers issued a joint statement affirming their desire to accelerate the addition of four new members into the RCEP – namely, Hong Kong, Sri Lanka, Chile and Bangladesh. As an Asean-led initiative, it is notable that Hong Kong has the support of all Asean countries to join the trade bloc.

Some 70 per cent of Hong Kong’s total merchandise trade in 2023 and almost half its service trade in 2022 was conducted with RCEP members. These numbers underscore the existing depth of trade ties and interconnectivity. Joining the bloc would bolster the attractiveness and viability of markets in Northeast Asia, Southeast Asia and Oceania for Hong Kong businesses.

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