In the shifting landscape of global geopolitics, Hong Kong must broaden its horizons and not rely solely on Europe and the United States for growth. It’s essential for Hong Kong to join the Regional Comprehensive Economic Partnership (RCEP) to enhance its competitiveness and open new business opportunities. 

However, disruptive forces within Hong Kong, and hostile Western forces, have persistently tried to block Hong Kong’s entry into the RCEP, mixing politics with economic cooperation in a malicious manner. The Hong Kong Special Administrative Region government must intensify its efforts to highlight Hong Kong’s strengths and potential contributions to the organization, lobbying for member support. Chief Executive John Lee Ka-chiu’s upcoming visit to Vietnam, Laos, and Cambodia with business representatives is a prime example of proactive engagement.

The RCEP is currently the world’s largest free trade agreement, comprising the 10 Association of Southeast Asian Nations countries along with China, Japan, South Korea, Australia, and New Zealand, and accounting for about 30 percent of global GDP. The partnership agreement aims to reduce, and eventually eliminate, tariffs among its members. For Hong Kong, which enjoys a World Trade Organization independent tariff zone status and operates as a free port with zero tariffs, joining the RCEP is a natural step. Hong Kong already has strong economic ties with RCEP members, being a major trade partner outside of Europe and the US. With its active participation in the Belt and Road Initiative, Hong Kong’s economic relations with RCEP members are only set to deepen. Despite meeting the conditions to join the RCEP, Hong Kong’s application, submitted in January 2022, has yet to yield concrete results, even though it was initially expected to happen within 18 months.

Premier Li Qiang’s recent visit to Australia, where he sought support from Prime Minister Anthony Albanese for Hong Kong’s RCEP membership, underscores Beijing’s commitment to Hong Kong. However, joining the RCEP requires unanimous consent from all member states. Some members may obstruct Hong Kong’s entry due to geopolitical or economic considerations, which is unfair to Hong Kong and other members. Moreover, overseas anti-Hong Kong agitators, in alliance with Western politicians, have openly and covertly opposed Hong Kong’s RCEP membership. For example, in October, the British anti-Hong Kong group Hong Kong Watch, infamous for advocating sanctions against Hong Kong’s government and officials, along with nearly 50 anti-China groups, falsely accused Hong Kong of human rights abuses and jointly opposed its RCEP membership. Such political maneuvers harm Hong Kong’s development and the interests of RCEP members.

As global geopolitical dynamics evolve, Hong Kong must expand its development space beyond traditional Western partners and strive for early inclusion in the RCEP

In reality, Hong Kong’s inclusion in the RCEP would strengthen cooperation in trade, technology, and other sectors, yielding mutual benefits for all members. As an international financial hub and gateway to China, Hong Kong’s world-class financial services industry and robust legal framework would be invaluable assets to the RCEP. Hong Kong’s various industries also stand to benefit from tariff reductions and the elimination of trade barriers. Through its diverse professional services, including accounting, legal, and finance, Hong Kong can leverage its position as an international financial center, becoming a regional hub for professional services, dispute resolution, and offshore renminbi settlement.

Lee’s visit to Vietnam, Laos, and Cambodia marks his third trip to ASEAN countries during his tenure, reflecting Hong Kong’s significant focus on strengthening ties with ASEAN countries. During this visit, the Hong Kong delegation will present to local political and business leaders the latest developments in Hong Kong, particularly the city’s strengths and the opportunities it offers to ASEAN countries in terms of economic ties and business prospects, to garner their support for Hong Kong’s RCEP membership. Beyond government officials, Hong Kong’s political and business figures should continue to utilize various platforms and levels to persuade all RCEP members of Hong Kong’s advantages and contributions, aiming for its early membership. This will enable Hong Kong to fulfill its role as a “superconnector” and “super value-adder” in the region.

In conclusion, as global geopolitical dynamics evolve, Hong Kong must expand its development space beyond traditional Western partners and strive for early inclusion in the RCEP. Despite the challenges posed by local disruptors and Western interference, the HKSAR government, led by Lee, is actively seeking to secure support from RCEP members. The benefits of Hong Kong’s membership would be significant, enhancing economic cooperation and offering mutual advantages to all involved. Therefore, concerted efforts from both the government and the private sector are crucial to realizing this goal.

The author is a convener at China Retold, and a member of the Legislative Council as well as the Central Committee of the New People’s Party.

The views do not necessarily reflect those of China Daily.