Secretary for Commerce and Economic Development Algernon Yau Ying-wah delivers a speech at the Hong Kong Authorized Economic Operator (AEO) Programme's 10th Anniversary Celebration Ceremony on Nov 29, 2022. (ANDY CHONG / CHINA DAILY)

The Hong Kong Special Administrative Region government celebrated on Tuesday the 10th anniversary of the Hong Kong Authorized Economic Operator (HKAEO) program, an initiative that facilitated the customs clearance of goods worth HK$790 billion ($101.2 billion) in 2021.

Eighty small and medium enterprises and multinational companies in Hong Kong are accredited as AEO operators so they can enjoy reduced customs inspections and prioritized customs clearance services, strengthening their competitiveness in overseas countries.

The HKAEO program, launched in 2012 and administrated by the Customs and Excise Department, is a voluntary certification regime that aims to enhance international supply-chain security and facilitate the movement of legitimate goods.

Hong Kong has concluded 13 AEO mutual recognition arrangements (MRA), eight of which are with Belt and Road Initiative-related countries

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Currently, nearly 100 overseas customs administrations, including most of Hong Kong’s principal trading partners, have fully launched their AEO programs.

Hong Kong has concluded 13 AEO mutual recognition arrangements (MRA), eight of which are with Belt and Road Initiative-related countries. MRAs enable AEOs of one economy to enjoy customs clearance facilitation provided by other jurisdictions that have signed the MRA.

“In terms of the number of MRA agreements, Hong Kong is ranked the fourth. The AEO is an important initiative for Hong Kong to connect with overseas countries. We strive to sign more MRAs with Belt and Road countries,” Secretary for Commerce and Economic Development Algernon Yau Ying-wah noted in the Tuesday ceremony.

Commissioner of Customs and Excise Louise Ho Pui-shan delivers a speech at the Hong Kong Authorized Economic Operator (AEO) Programme's 10th Anniversary Celebration Ceremony on Nov 29, 2022. (ANDY CHONG / CHINA DAILY)

“The AEO will help in cementing Hong Kong’s international trade hub status and enable the city to play the role of participator in the country’s internal circulation and the facilitator of the country’s external circulation,” Yau added.

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The commerce chief said that the HKSAR government will do more to join the Regional Comprehensive Economic Partnership (RCEP), and sign more free trade agreements with other economies to broaden the market potential for various industries in Hong Kong.

“Our work priorities focus on expanding the global network of MRAs. We strive to sign  more MRAs with RCEP countries, Belt and Road countries, and Shanghai Cooperation Organization-related countries that can facilitate enterprises in Hong Kong to expand their market reach in Southeast Asia, and ultimately to the whole Asia-Pacific region,” Commissioner of Customs and Excise Louise Ho Pui-shan said.

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Hong Kong was the sixth-largest trading entity in global merchandise trade in 2021, when the total value of goods trade reached over HK$10 trillion, according to government figures.