Peru trade pact set to take effect in six months: CE

Chief Executive John Lee says Hong Kong's new free trade agreement with Peru will take effect in about six months or so, as he urged SAR businesses to “understand and appreciate” the pact and join the government’s efforts to explore opportunities in emerging markets. Speaking to the media at the conclusion of his trip to Lima, Lee said that as well as attending the Apec summit, the Hong Kong delegation achieved three key results, the first of which was demonstrating the city’s commitment to promoting regional economic and trade cooperation. “Second, we explored new growth areas for Hong Kong and explored market opportunities in South America,” he continued, citing the pact with Peru. He said the agreement will open new doors for businesses, adding that he is confident Hong Kong people can get around the language barrier. “Hong Kong people have been doing business with different parts of the world, including the Middle East, including countries such as Korea and Japan. So obviously, language is an issue, but it's not a barrier,” he said. “I believe in the businessmen’s versatility and adaptability.” Lee said the government will lead promotional efforts so that the city’s businesses can better understand the Peruvian market. Another way to fast-track exchanges between the two sides, Lee said, is to establish chambers of commerce and he has already made this pitch to Peruvian officials. The third and final achievement in Lima, the chief executive went on to say, was enhancing relations with members of the Association of Southeast Asian Nations (Asean). He noted that he held bilateral meetings with leaders of Malaysia, Vietnam and Singapore, and said there are plans to increase direct flights between Hong Kong and several Asean destinations. The CE had two informal exchanges in Lima with Xi Jinping and Lee expressed gratitude to the president for his "care and guidance" “President Xi has always been caring about Hong Kong. I have reported to him Hong Kong's situation regarding the economy and development. He is well-versed of our development and has given me encouragement,” Lee said.