Session No. 5 File name : cedb(cit)- doc
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- Examination of Estimates of Expenditure 2010-11
Question: When introducing matters requiring special attention in 2010-11, the Bureau mentions that it will “continue to oversee the efforts in exploring with interested trading partners possible means of enhancing bilateral economic co-operation”. Specifically, which trading partners have indicated interests in enhancing bilateral economic co-operation with Hong Kong? What is the Administration’s plan to attract trading partners to strengthen their co-operation with Hong Kong? Asked by: Hon. WONG Ting-kwong Reply: To help open up more business opportunities for the trade, the Government has been actively exploring with our trading partners the possibility to negotiate Free Trade Agreements (FTAs), while upholding our commitment to the primacy of the multilateral trading system. FTAs help strengthen the bilateral trade and economic relationship with our trading partners, and allow our goods and services to gain access to overseas markets under more favourable conditions. Hong Kong just concluded the negotiations with New Zealand on a Closer Economic Partnership Agreement in November 2009. The Agreement is expected to be signed in the first half of 2010. Besides, Hong Kong and the European Free Trade Association (comprises Iceland, Liechtenstein, Norway and Switzerland) have started negotiations on a FTA in early 2010. The FTA negotiations encompass a wide-ranging scope, with emphasis on trade and investment liberalisation and facilitation. In addition, Hong Kong signed a Co-operation Arrangement on Trade and Investment Facilitation with Peru in November 2008, and a Joint Declaration on Strengthening Economic Co-operation with Malaysia on 1 December 2009, aiming to encourage and promote bilateral economic co-operation. These initiatives also serve as the first step for further exploring bilateral FTA negotiations between Hong Kong and the trading partners concerned. Being an international financial centre and the major trading hub in the region, Hong Kong is situated at a strategic geographical location, and is equipped with highly efficient airport and ports, well-developed financial and professional services, comprehensive supporting network, and well-established legal system. Hong Kong plays an important bridging role between the Mainland and the other parts of the world and provides significant contributions to the trade between them in areas such as entrepot trade, financing, management and other professional services. Furthermore, Hong Kong has competitive advantages and ample experience in various service sectors (including financial services, telecommunications, logistics, maritime transport and audio-visual services). Through enhancing the bilateral trade and economic co-operation, Hong Kong enterprises can bring in their experience, knowledge and skills to our trading partners, and thus help create a better environment for the further development of their businesses. With the above competitive advantages, we believe that our trading partners would be interested in enhancing the bilateral economic co-operation with us.
Question : There is an increase of 86.5%, i.e. $9.6 m, in the financial provision for 2010-11. The main reason is to inject $10 m into the Consumer Legal Action Fund (CLAF). What are the reasons for such injection? In view of the rise in the number of complaints against undesirable trade practices, has the Administration anticipated any future circumstances requiring the use of the CLAF? Is the amount injected sufficient for the purpose? Asked by : Hon. WONG Ting-kwong Reply : The current balance (as at end-February 2010) in the Consumer Legal Action Fund (CLAF) is about $13.80 million. The Government proposes that $10 million be injected into CLAF in 2010-11 to provide continued support and legal assistance to eligible applicants with meritorious claims (including cases relating to the Lehman Brothers incident). The Government will closely liaise with the Consumer Council (the trustee of CLAF) and keep in view the financial position of CLAF, to ensure that it has sufficient resources to assist consumers with meritorious claims.
Directory: citb -> doc doc -> Replies to initial written questions raised by Finance Committee Members in examining the Estimates of Expenditure 2012-13 Director of Bureau : Secretary for Commerce and Economic Development Session No. 12 File name : cedb(cit)- doc Download 4.7 Mb. Share with your friends:
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