Hong Kong-South Korea economic ties set for a ‘boost’ under world’s largest trade pact
Bilateral trade between South Korea and Hong Kong is set to get a boost in coming years when the city joins the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade bloc.
In the first three month of the year, Hong Kong’s exports to South Korea increased by 10.8 per cent to HK$18.7 billion (US$2.4 billion) compared to the same period last year, Census and Statistics Department figures released on Thursday showed. However, there was a small year on year fall of 1.1 per cent to HK$6 billion in March.
Despite an evolving geopolitical situation, the two economies remain important trading partners.
Hong Kong was South Korea’s seventh-largest trade partner as of 2021, with exports and imports totalling US$39.71 billion, up 23 per cent from $31.19 billion in 2020, data from the Korea International Trade Association shows. South Korea is Hong Kong’s fifth-largest trade partner.
Economic ties are set to accelerate if Hong Kong’s application to join RCEP is successful.
The city made its application in January, with China’s central government expressing support for the bid.
Read More at https://www.scmp.com/economy/china-economy/article/3175858/hong-kong-south-korea-economic-ties-set-boost-under-worlds