Secretary for Commerce and Economic Development Algernon Yau Ying-wah has continued his visit to Bordeaux, France, to promote the advantages of Hong Kong as an international wine and liquor trading hub.

Yau held a business roundtable and met with representatives of the trade of Bordeaux wine, Cognac and Armagnac on Friday to exchange views on the latest developments of the trade and enhance cooperation on promoting the wine and liquor trade.

With its premier location, free flow of capital and free port status, Hong Kong, as the world's freest economy and the third-most competitive economy globally, is the best partner for the Bordeaux wine and liquor sector to tap into the tremendous opportunities in the Asia market, notably the Chinese mainland, Yau said.

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He also shared with the trade the business opportunities brought about by the strong growth in the demand of wine in the vast Asia-Pacific market.

Market research revealed that the mainland's wine market generated approximately $31 billion in revenue in 2024 and is projected to reach $54 billion in 2030, reflecting an annual growth rate of almost 10 percent, Yau said.

And with the Hong Kong Special Administrative Region's wine duty abolished in 2008, the city is now an international wine trading hub and one of the world's top three wine auction centers, he added.

Yau said that France remains one of Hong Kong's top liquor trading partners, with the SAR importing $831 million worth of liquor in 2024, and France becoming the city's second-largest import market, accounting for 30 percent of the total.

Brandy also continued to be a leading category, particularly through high-end retail channels catering to the mainland market, he said.

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Last October, Hong Kong took another step by introducing a two-tier liquor duty system under which the duty rate was reduced from 100 percent to 10 percent for the portion above HK$200, he added.

Yau said that, as a "super connector" linking the East and West, the Hong Kong SAR with its strategic location and unique advantages plays a pivotal role in the global liquor trade as a gateway to the fast-growing Asia and mainland markets.

Between 2013 and 2023, imports of spirits in Asia grew 79.3 percent, a significantly faster rate than the global increase of 42 percent in the same period, he said, adding that the mainland is now the third-largest importer of Cognac.

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Yau also said that Hong Kong's signature events, such as the Hong Kong International Wine & Spirits Fair and the Hong Kong Wine & Dine Festival, along with biennial events such as ProWine Hong Kong and Vinexpo Asia, provide French producers with unparalleled platforms to promote their brands to international buyers, distributors and liquor enthusiasts.