The Hong Kong Special Administrative Region government welcomed on Monday the Regional Comprehensive Economic Partnership’s decision to create a working group that would start the accession process for economies applying to become members of the world’s largest free trade pact.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah reiterated Hong Kong's full readiness for early accession to RCEP, adding that the creation of the accession working group (AWG) is a pivotal step in enlarging the trade bloc’s membership.

“Hong Kong will actively cooperate and take part in the work of the AWG, including the relevant accession negotiations with RCEP members, with a view to completing all the required procedures as soon as possible,” Yau said.

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The Hong Kong SAR's accession will help consolidate and enhance its status as an international trade center, generating synergies and creating a win-win outcome, he added.

Yau thanked the central government, including the Ministry of Commerce, for their strong support for Hong Kong's early accession. He also expressed appreciation to RCEP members, including the Association of Southeast Asian Nations (ASEAN), in support of the establishment of the AWG.

The HKSAR government will continue to work closely with the RCEP Support Unit and maintain close liaison with all stakeholders to foster favorable conditions for an early accession of Hong Kong to the trade block, he said.

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RCEP's current fifteen member economies include the Chinese mainland, ten member states of the ASEAN (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam), Australia, Japan, South Korea, and New Zealand.

RCEP entered into force on January 1, 2022 and the HKSAR government submitted Hong Kong's accession request within the same month.

The other economies applying for RCEP membership include Bangladesh, Chile, and Sri Lanka.